The current correction in the cryptocurrency market has many investors on edge, wondering when Bitcoin (BTC) will hit its bottom. One crypto strategist, known for accurately predicting the 2022 Bitcoin bottom, believes that the current correction will reach its climax once BTC hits a key price level.
DonAlt, a pseudonymous analyst with a significant following on YouTube, recently shared his insights with his 65,900 subscribers. Despite his overall bullish outlook on Bitcoin, DonAlt anticipates a potential 30% devaluation from current levels before Bitcoin bottoms out.
According to DonAlt, the $80,000 range does not provide strong support for BTC. He is closely monitoring whether Bitcoin will drop to the $60,000 price range or reclaim the $90,000 level as support before considering taking on additional risk.
“I could see myself, if we do dip into that monthly area like $60,000 to $70,000, I think at that point the move is too big. Let’s say this just keeps on dumping every single day for the next couple of days and we dump into $60,000 to $70,000, I think at that point the move is overdone, and I might actually play some leverage again,” DonAlt explained.
He emphasized the importance of waiting for Bitcoin to show strength in its old consolidation range before making any significant moves. Currently, at $80,000, DonAlt views the market as being in the “middle of nowhere” on the monthly timeframe. While still technically bullish, he cautions that there is no significant support at this level.
At the time of writing, Bitcoin is trading at $87,155, with the market remaining uncertain about its next move. DonAlt’s analysis provides valuable insights for investors looking to navigate the current market conditions and make informed decisions regarding their cryptocurrency holdings.
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Remember to conduct thorough research and consult with financial advisors before making any investment decisions. The cryptocurrency market can be highly volatile, and it’s essential to approach it with caution and a well-informed strategy.