In the latest session by analyst DonAlt, who accurately predicted Bitcoin’s bottom in 2022, concerns were voiced regarding a potential correction of over 15% in BTC’s price.
In his video address to his YouTube subscribers, DonAlt emphasized the risk of Bitcoin losing its range and support at $61,000, especially after regaining it earlier this month.
He cautioned that a daily close below $61,000 would signal significant market weakness, likely prompting selling pressure and directing BTC towards a decline to around $50,000.
DonAlt elaborated on the bearish scenario, stating that the failure to hold the range after recovery would be a key indicator of weakness. In such a scenario, the expert believes Bitcoin could drop to $52,000 or even lower.
The analyst underscored the importance of the range for numerous market participants, noting that an unsuccessful recovery would catch many off guard and lead to a substantial market pullback. The loss of the range, according to DonAlt, would expose Bitcoin to additional downside risk.
At the time of writing this article, BTC is trading at $62,802, marking a 2.5% increase for the day. Investors are closely monitoring the price action around the $61,000 support level, as highlighted by DonAlt’s analysis.
