While Bitcoin’s bullish momentum in 2023 has captured investor attention, analysts like DonAlt caution that surpassing the $100,000 psychological barrier may not be enough to sustain long-term growth. A failure to hold this level could trigger significant corrections, signaling caution for the broader market.
Is $100,000 Enough for Bitcoin?
DonAlt, a popular analyst, emphasizes that Bitcoin’s move beyond $100,000 is a critical psychological milestone. However, failing to maintain this level could lead to a sharp market correction. Speaking to his 63,000 YouTube followers, DonAlt highlighted that a pullback to $90,000 could provide some support but is unlikely to result in a strong recovery.
“If Bitcoin retreats to $90,000, it may face resistance at that point. However, I don’t see this as a positive short-term outcome. For a meaningful rally, Bitcoin must firmly establish itself above $100,000,” DonAlt explained.
He further suggests that for Bitcoin to achieve sustained growth, it would need to climb to $120,000, where new resistance and support levels could stabilize the market outlook.
Correction Risks Remain High
The analyst notes that Bitcoin’s recent price action has increased the likelihood of a market correction. If Bitcoin struggles at key resistance levels or experiences a steep decline, it could lead to a larger wave of selling pressure. In such a scenario, $90,000 may act as a short-term support zone for investors.
“Failing to hold at $100,000 could trigger alarm bells for the market,” DonAlt warned. He added that until $120,000 is reached, Bitcoin might find it challenging to establish a strong base of support.
Key Levels to Watch
As of now, Bitcoin is trading at $94,245, with investors closely monitoring its performance near these critical levels. The interplay between support and resistance levels will be crucial in determining the future trajectory of the cryptocurrency market. For more insights, follow Dey There for up-to-date analysis and expert opinions.
Bitcoin, $100,000 resistance, market correction, $120,000 target, key support levels
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