A analyst and cryptocurrency trader named DonAlt has a bearish view on Bitcoin (BTC). The expert predicted during a speech to subscribers on the YouTube technical review channel that BTC may break below the key psychological support level of 60,000 million US dollars.
DonAlt said:
“I believe that if this range (between $60,000 and $73,800) is broken downwards, you should expect at least 120 days of downward or vertical movement.”
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In the worst case scenario, the analyst assumes that Bitcoin could drop by as much as 35% from its current level.
In the worst case scenario, we could see Bitcoin reach a midpoint between $44,000 and $40,000. I don’t think it will go any lower. The best case scenario is that if this bearish trend continues, the price will drop to $52,000 and then experience a vertical price movement.
The analyst further pointed out that a weekly closing price above $63,000 would indicate a bullish outlook for Bitcoin.
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The problem is that this possibility is very unlikely. In my opinion, the likelihood of this scenario occurring is only about 10%. So I’m not too optimistic at the moment.
At the time of writing this article, the trading price of Bitcoin is $61,347.
