A prominent expert in the field of cryptocurrencies has shared a pessimistic view on the future of Bitcoin (BTC). Known by the pseudonym DonAlt, this analyst has a large following of 60,500 subscribers on the Technical Roundup YouTube channel. According to DonAlt, Bitcoin is on the verge of losing a crucial psychological support level, which could result in a significant drop below $60,000.

DonAlt believes that if the current range between $60,000 and $73,800 breaks downwards, Bitcoin could experience a prolonged period of decline or sideways movement lasting around 120 days. This would mark a significant shift from the previously stable and elevated range. In the worst-case scenario, Bitcoin’s value could plummet by as much as 35% from its current level.

“While the worst-case scenario would be a decline to the mid-$40,000s, around $44,000 to $40,000, I don’t believe it will go any lower. On the other hand, if the situation remains bearish, the best-case scenario would be a recovery to around $52,000, followed by a period of sideways price movement,” DonAlt explains.

To determine a bullish setup for Bitcoin, DonAlt suggests that a weekly close above the $63,000 mark would be necessary. However, he considers this outcome highly unlikely and estimates it to have only a 10% chance of occurring. Therefore, he advises against being overly optimistic at this point.

At the time of writing, Bitcoin is currently being traded at $61,705.

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