A crypto analyst who nailed the 2022 Bitcoin bottom is warning that BTC is in danger of witnessing a massive breakdown.
In a new video update, pseudonymous analyst DonAlt tells his 60,100 YouTube subscribers that BTC is at risk of losing all bullish momentum.
The crypto strategist says that Bitcoin will likely go through a capitulation event if BTC bulls fail to defend support at $63,000.
“I was actually a fan of $60,000 [support] for quite a while. It’s just [BTC] tested it too many times, and now we’ve tested it so many times that I think it’s sh*t, not worth dealing with.
[$63,000] is basically the last line of defense before we would retest $60,000, and I think $60,000 would just go, honestly. We break [$63,000] I think $60,000 would just roll over. Maybe you get one daily green and people get super excited but then the next day or two or maybe the week after, I think it would just colossally break down…
You should never underestimate the last support. It’s something that I’ve said before just because that’s where all the activity is going to be around.”
DonAlt previously noted that $63,000 is a “do-or-die” level for Bitcoin and if it breaks, BTC will likely plummet to $50,000. But if the support area holds, he predicts that Bitcoin will print new all-time highs.
At time of writing, Bitcoin is trading at $62,152, below the analyst’s support level.
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