An analyst who experienced the surge of the crypto market in 2023 is confident that Bitcoin’s bull market will remain remarkably strong, even if the price plunges to $52,000.

In a recent strategy session, an analyst known as DonAlt, who has a following of 59,100 on YouTube, explains to his subscribers that a 30% correction from Bitcoin’s all-time high should not be unexpected. After all, Bitcoin had risen by nearly 170% between October and March.

According to DonAlt, a drop to $52,000 would not have a negative impact on Bitcoin’s strength in the long run. He states, “Even if the price falls to $52,000, it would still appear incredibly strong. In the grand scheme of things, that’s just a minor setback. The high time frames, including the weekly chart, still look very promising. There’s plenty of room for the price to decline and still maintain its strength. Even if it were to drop all the way back to where the exchange-traded fund (ETF) was launched at $42,000, it would still maintain an overwhelmingly positive outlook. However, I believe that scenario is highly unlikely compared to the possibility of finding support at $52,000, especially if the market continues to be weak.”

Although Bitcoin appears to be vulnerable at the moment, DonAlt suggests that the prevailing bearish sentiment would be wiped out if the price surges above $69,000. He explains, “I would consider this period as a slight weakness, and I believe that weakness would disappear if we manage to close above $69,000, which was the previous high before our highest weekly close. If we can surpass that level, I think it’s highly likely that the price will reach $80,000 to $85,000. Until then, it’s wise to exercise caution.”

Currently, Bitcoin is trading at $62,236, experiencing a decrease of over 2.5% in the past day.

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