An analyst and cryptocurrency trader named DonAlt holds a bearish view on Bitcoin (BTC). In a speech to subscribers on his YouTube technical analysis channel, the expert predicted that BTC could break below the key psychological support level of $60,000.
DonAlt said, “I believe that if this range (between $60,000 and $73,800) is broken downwards, you should expect a downward or vertical trend of at least 120 days.”
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In the worst-case scenario, the analyst assumes that Bitcoin could drop by as much as 35% from its current levels. “In the worst case, we could see Bitcoin reaching the midpoint between $44,000 and $40,000. I don’t think it will go any lower. The best case is that if this bearish trend continues, the price will drop to $52,000 and then a vertical price trend will emerge.”
The analyst further pointed out that a weekly closing price above $63,000 would indicate a bullish view on Bitcoin.
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The problem is, this possibility is very slim. In my opinion, the likelihood of this scenario occurring is only about 10%. So I’m not too optimistic at the moment.
At the time of writing this article, Bitcoin is trading at $61,347.
