- One analyst predicts that Bitcoin could surpass $60,000 after breaking a key resistance, indicating a potential upside of 32%.
- If Bitcoin fails to break above $48,000, it could face a fall towards $30,000, offering a buying opportunity.
One well-known crypto analyst anticipates that Bitcoin is about to experience a remarkable surge that would take it above a key level, putting it in a position to reach $60,000. However, this forecast comes with a caveat: if Bitcoin fails to break through this barrier, it could see its price drop to below $40,000.
In a recent strategy session, DonAlt shared with his YouTube followers that Bitcoin is on the verge of overcoming a crucial resistance on its weekly chart. This could result in an increase of more than 32% from its current price. But, if this effort to overcome resistance fails to materialize, we could see a pullback towards the mid-$30,000 area.
Turning Point for Bitcoin
Bitcoin is anticipated to be able to overcome a specific resistance on its weekly chart. This threshold is considered by the expert as the key that could unlock a substantial increase in its price. This inflection point places Bitcoin in front of a golden opportunity: overcoming this barrier could trigger a steep rise in its value.
Facing Two Possible Scenarios
The analyst, however, points out the risk inherent in this process. Should it fail to break through this critical level, Bitcoin’s price could fall, possibly to below $40,000. This potential pullback would not only change Bitcoin’s current valuation but also represent a window to buy at a more desirable price.
Optimism Despite Challenges
Despite these potential setbacks, the analyst maintains an optimistic view of Bitcoin’s future. He stresses that, should it manage to overcome resistance, the next milestone for Bitcoin would be to reach or even surpass $60,000. This estimate is based on the robustness of Bitcoin’s chart and a definite upward direction, which denotes confidence in its ability to grow.
Defined Support and Resistance
Additionally, it is emphasized that Bitcoin is unlikely to drop below the strong support of $35,000 shown on the monthly chart. This support level offers a solid base for the Bitcoin price, setting limits to its fluctuation and providing a foundation for possible rallies into positive trends.