A prominent crypto analyst suggests that Bitcoin (BTC) could soar to six figures if it successfully breaks through a significant resistance level.

In a recent strategy session on the TechnicalRoundup YouTube channel, the pseudonymous analyst DonAlt addresses 61,000 subscribers. He posits that Bitcoin’s recent sell-off might be negated with a close above its current price by approximately 9%. Following this breakthrough, he anticipates a potential rally in the leading cryptocurrency, surpassing its previous all-time high set earlier this year.

“The critical threshold for confirmation lies above $63,000, $64,000. Once we consistently close above [$63,861], I foresee a swift return to $80,000… Initially retesting the all-time high and then aiming for $80,000, $90,000, $100,000.”

Source: DonAlt/YouTube

However, DonAlt cautions that Bitcoin could experience a downturn of around 10% from its current price if support near $56,500 fails.

“If this support at [$56,500] gives way, the next level to watch is around $52,000. It’s relatively close. Those anticipating $52,000 should consider the possibility of a false breakdown that promptly reverses, though this scenario seems unlikely given the duration of this range from March to July 2024.”

“However, it remains plausible, particularly if traditional markets remain robust. If not, a lower bid around $44,000 may be prudent…”

“The bearish scenario, upon breakdown, could see a drop to approximately $52,000, followed by a modest rebound and potentially a sharp decline to $40,000, indicating full capitulation.”

Source: DonAlt/YouTube

At the time of writing, Bitcoin is valued at $57,443, reflecting a 4.5% decrease over the past 24 hours.

Stay Updated – Subscribe to receive email alerts directly in your inbox. Check out the latest Price Action. Follow us on X, Facebook, and Telegram. Dive into The Daily Hodl Mix.

Disclaimer: The opinions expressed on The Daily Hodl do not constitute investment advice. Investors should conduct thorough research before engaging in high-risk investments involving Bitcoin, cryptocurrencies, or digital assets. All transfers and trades are undertaken at one’s own risk, and any resultant losses are the sole responsibility of the investor. The Daily Hodl does not advocate for the buying or selling of any cryptocurrencies or digital assets, nor does it act as an investment advisor. Please note that The Daily Hodl engages in affiliate marketing.

Generated Image: Midjourney