DonAlt, a seasoned investor and veteran of the cryptocurrency sector, accurately predicted that XRP would increase by 700% to reach $3.65 in 2024.
The analyst, using a pseudonym, has now revealed his updated predictions for Bitcoin (BTC).
The analyst presented three different scenarios for BTC and identified three different price levels for each scenario.
Bitcoin surpassed the $80,000 level today for the first time since January, and analysts are urging investors to focus on three levels they claim determine the direction of Bitcoin and the market:
“1) $78,000 – Cautious reversal point: Bitcoin is already testing this level, and according to investor analysis, a shift in psychology is occurring here. At this level, the market is moving from fear to a cautious bullish stance. Staying above $78,000 would be the first real signal that the trend is recovering.”
2) $87,000 – Upward momentum zone: The analyst expects a transition to a parabolic growth phase if BTC breaks above this level, which acts as a barrier. Above $87,000, cautious buying will give way to aggressive purchases, and BTC’s price movement will become quite impulsive.
3) $70,000 – Death Zone: A drop below this critical support level could be seen as a death zone for BTC by investors. At this point, a decline below $70,000 is considered highly likely to cause a market crash.
While one analyst warned that Bitcoin should be prepared for all scenarios, another analyst, Plan C, took a more optimistic approach.
The analyst stated, “Once Bitcoin stabilizes above $80,000… many will start buying again, pushing the price closer to $90,000, followed by a sudden surge back to $100,000.”
Lastly, Darkfost, an analyst at CryptoQuant, notes that Bitcoin is still in a long-term correction phase and the price is trading below the 200-day EMA around $82,000. He expects a move towards $87,000 due to the closing of short positions, arguing that a true trend reversal would likely require a weekly close above $93,500.
*This is not investment advice.
