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Top analysts suggest that if BTC breaks through a major resistance level, Bitcoin still has “some hope”—but there’s a catch.
An analyst and trader, known as DonAlt, shared insights with the 61,400 subscribers of the TechnicalRoundup YouTube channel. According to DonAlt, Bitcoin re-entering the range between $60,000 and $70,000 would provide a “very, very good setup” for further bullish momentum.
“We still have hope, and that hope is Bitcoin reclaiming this range… It means Bitcoin closing above $60,000, $61,000. If it manages to break through this range, that would be fantastic [at $60,000].”
As of writing this article, Bitcoin’s trading price stands at $58,619.
Regarding the prospects of Bitcoin returning to the $60,000–$70,000 range, DonAlt remains cautious:
“I’m still cautious because we’re facing significant resistance around $63,000. Many people might go long between $60,000, $61,000, $62,000, and $63,000, but you could still get crushed by $63,000. I consider this the primary hurdle in that range.”
According to the anonymous analyst, if Bitcoin manages to surpass $63,000, it could bounce toward the resistance level at $70,000.
However, if BTC fails to break the $60,000 resistance, DonAlt believes there’s “good support” around $52,000 for the flagship cryptocurrency:
“I think we typically test around $52,000, which is why it’s still decent. Not as good as before, but still decent. If we revisit that level, I’d be a bit concerned it might collapse entirely, and we’d lose $42,000, $43,000.”
Sentiment: Positive
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