Bitcoin Analyst Predicts Potential 30% Drop Before Rebound to Key Price Levels
A well-known crypto analyst, who accurately predicted Bitcoin's 2022 low, believes the current correction will end once Bitcoin reaches a specific price target.
During a strategy update, the analyst, using the alias DonAlt, stated that while he remains bullish on Bitcoin, he expects a potential drop of around 30% from its current price before finding a bottom.
He emphasized that Bitcoin’s $80,000 range lacks substantial support, and he’s awaiting a drop into the $60,000 range or a rebound to the $90,000 level before considering higher risk positions.
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DonAlt explained, “If the price falls into the $60,000 to $70,000 zone, I might consider entering with leverage, as the correction would seem overdone.
However, at the moment, Bitcoin’s position around $80,000 is unremarkable, and while still technically bullish, there’s no strong support here. I’m not in a rush; I’ll wait to see if the market shows strength in previous consolidation levels before increasing risk.”
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
