Popular Analyst Warns of Correction Risks for Bitcoin Above $100,000

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A popular analyst tracking Bitcoin’s impressive rise in 2023 warns that even if the leading cryptocurrency surpasses the $100,000 mark, it may face serious correction risks if it cannot maintain that level. Known as DonAlt, the analyst has made notable evaluations regarding Bitcoin ’s price movements.

Will Bitcoin’s Rise Above $100,000 Be Sustainable?

DonAlt emphasizes that surpassing the $100,000 level is a significant psychological threshold. However, he indicates that failing to maintain this level could lead to a sharp market correction. In a statement to his 63,000 YouTube subscribers, he mentioned that if Bitcoin retreats to $90,000, it might find an opportunity for recovery.

“If Bitcoin drops to $90,000, it may encounter resistance at that point. However, I do not believe this movement will yield positive results in the short term. A more meaningful rise requires BTC to exhibit a strong stance above $100,000,” he stated.

Correction Risk Remains a Concern

The analyst points out that current price movements increase the risk of a correction. He suggests that if Bitcoin remains stuck at a certain resistance point or experiences a sharp drop, a larger selling wave may occur in the market. In such a scenario, the $90,000 level could serve as a short-term support point for traders.

“If BTC cannot hold at the $100,000 level, it signals alarm bells for the market,” added DonAlt, stressing that traders should exercise caution. He noted that establishing a strong support area for Bitcoin would be challenging without reaching the $120,000 level.

As of this writing, Bitcoin is trading at approximately $94,245. Traders closely monitor the movements of the leading cryptocurrency at these critical levels. The performance of Bitcoin according to support and resistance points will play a crucial role in determining future market direction.

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