Crypto Updates

$100,000 Bitcoin Incoming if BTC Climbs Back Above Major Resistance Level, Says Top Trader – But There’s a Catch


A closely followed crypto strategist believes that Bitcoin (BTC) could reach a six-figure price tag if it manages to reclaim a major resistance level.

In a new strategy session, pseudonymous crypto analyst DonAlt tells the 61,000 subscribers of the TechnicalRoundup YouTube channel that the sell-off Bitcoin has witnessed recently could be invalidated if it manages to close around 9% above its current price.

Afterward, the trader says the top crypto asset by market cap could kick off a rally that would see it eclipse its all-time high set earlier this year.

“The invalidation is above $63,000, $64,000. Like the moment we start closing above [$63,861], I think it’s just going to go back to $80,000… Like at first, all-time high and then $80,000, $90,000, $100,000.”

Source: DonAlt/YouTube

DonAlt, however, warns that Bitcoin could plunge by around 10% from its current price if the support level at around $56,500 crumbles.

“If this [$56,500] support fails, first [it is to] $52,000. That is quite close. So if you’re bidding $52,000, you’re expecting this to be a false breakdown that immediately reverses, which is possible, but I think it’s quite unlikely given the length of this range [from March to July of 2024].

But it is possible especially if the traditional market stays strong. If you don’t think that’s going to happen I think you kind of have to bid lower. And I think that would be like $44,000…

The bearish case, if we’re breaking down, would be that we go down here [around $52,000], bounce a little and then immediately kind of rug pull fully towards $40,000. I think that would be full capitulation.”

Source: DonAlt/YouTube

Bitcoin is trading at $57,443 at time of writing, a 4.5% decrease during the last 24 hours.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook and Telegram

Surf The Daily Hodl Mix


Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor….

Click Here to Read the Full Original Article at The Daily Hodl…