A crypto strategist who witnessed Bitcoin’s 2023 breakout warns that BTC risks witnessing a significant correction if it fails to rise above $100,000.
Pseudonymous analyst DonAlt tells his 63,000 YouTube subscribers that Bitcoin is likely to bounce if it goes back to $90,000.
But the analyst warns that a correction now would put BTC in a position to see more downward price action.
“I think if it goes back to $90,000 in any form, you’ll get some strength there… But like I said, I don’t think that would necessarily be good for the price action in the short term.
I think if you get to $89,000, after maybe $95,000 you can get to $94,000, and then I think you’ll probably go back down.”
The analyst notes that his Bitcoin outlook would be different if BTC were to first rise above $100,000 before undergoing a meaningful retracement.
“What you really want to see is this thing continuing. If you go back to $120,000 or whatever, maybe the flash crashes to $90,000 and then I would say something different. Then I’d say, ‘Hey, this is a really good area compared to everything else we have on the map.’
And then it might not only provide a lower high, but actually really…
Otherwise, I think the ($90,000) level will just be a roadblock before we end up somewhere in the low $80,000s.”
At the time of writing, BTC is trading at $94,245.
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Generated image: Midjourney
