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$100,000 Bitcoin Incoming if BTC Climbs Back Above Major Resistance Level, Says Top Trader – But There’s a Catch

source-logo  dailyhodl.com 05 July 2024 07:04, UTC

A closely followed crypto strategist believes that Bitcoin (BTC) could reach a six-figure price tag if it manages to reclaim a major resistance level.

In a new strategy session, pseudonymous crypto analyst DonAlt tells the 61,000 subscribers of the TechnicalRoundup YouTube channel that the sell-off Bitcoin has witnessed recently could be invalidated if it manages to close around 9% above its current price.

Afterward, the trader says the top crypto asset by market cap could kick off a rally that would see it eclipse its all-time high set earlier this year.

“The invalidation is above $63,000, $64,000. Like the moment we start closing above [$63,861], I think it’s just going to go back to $80,000… Like at first, all-time high and then $80,000, $90,000, $100,000.”

Source: DonAlt/YouTube

DonAlt, however, warns that Bitcoin could plunge by around 10% from its current price if the support level at around $56,500 crumbles.

“If this [$56,500] support fails, first [it is to] $52,000. That is quite close. So if you’re bidding $52,000, you’re expecting this to be a false breakdown that immediately reverses, which is possible, but I think it’s quite unlikely given the length of this range [from March to July of 2024].

But it is possible especially if the traditional market stays strong. If you don’t think that’s going to happen I think you kind of have to bid lower. And I think that would be like $44,000…

The bearish case, if we’re breaking down, would be that we go down here [around $52,000], bounce a little and then immediately kind of rug pull fully towards $40,000. I think that would be full capitulation.”

Source: DonAlt/YouTube

Bitcoin is trading at $57,443 at time of writing, a 4.5% decrease during the last 24 hours.

Generated Image: Midjourney