Cryptocurrency analyst and strategist DonAlt, Bitcoin (BTC) 
$64,067 He gave an important warning to his investors. The analyst stated that technically Bitcoin may enter a new uptrend.
Bitcoin’s Deep Correction
DonAlt stated that the deep correction that caused BTC to fall below $50,000 in August provided the necessary leverage clearance for the largest cryptocurrency to move stronger. He stated that he expects the market to show signs of recovery after this correction.
Symptoms of Weakness Pose Risk
The analyst emphasized that any sign of weakness in current market conditions could lead Bitcoin to enter a prolonged downtrend. DonAlt stated that the bear trend could last for 6 to 18 months, especially if the 58 thousand dollar level is broken:
The market has been shaken up so aggressively that it would be entirely fair for it to move higher after such a recovery that usually occurs after a long period of consolidation.
Important Resistance Level: $68K
DonAlt pointed to the $68,000 region on the daily chart as a critical level for Bitcoin. Stating that if it moves above this level, the bulls will be in the right position and the bears will be wrong, he said:
If we pass the $68,000 level without a pullback, we can think that the bears are probably wrong. Therefore, a careful approach is necessary.
At the time of writing, Bitcoin is trading at $63,244, down more than 2 percent on a daily basis. DonAlt added that the current state of the market will have an impact on Bitcoin’s medium-term outlook.
According to DonAlt’s assessment, if Bitcoin maintains its current support levels, the uptrend can be expected to strengthen. However, if support levels are broken, the market may need longer-term corrections.
Bitcoin investors follow market movements closely, taking into account analyst predictions. A combination of technical analysis and market conditions plays an important role in understanding future price movements.
As a result, Bitcoin is considered to be in a favorable position for an uptrend in terms of technical indicators. However, paying attention to the breaking points of the market is important for investors to ensure risk management.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
