DonAlt Sees Breakout or Correction for Bitcoin as Price Hovers Near $64,300
Bitcoin's immediate fate hangs in the balance as analyst DonAlt issues a new forecast. He notes that Bitcoin needs to close above $66,600 to $68,000 on a weekly basis to confirm a major breakout and potentially lead to new all-time highs for the wider crypto market.
The analyst points out that if buyers fail to achieve this, Bitcoin could revisit $60,000 and fall towards the $42,000 to $45,500 support zone in a deeper correction. DonAlt emphasizes that a weekly close above resistance is crucial, rather than an intraday move.
He also expresses greater enthusiasm for Ethereum, stating that its chart appears stronger due to its cleaner recovery compared to Bitcoin's more sluggish growth.
In contrast to his bullish scenario, the bearish alternative would see Bitcoin facing a harsher correction if it fails to maintain current levels. DonAlt notes that large Bitcoin holders have accumulated 29,075 BTC over the past week, but this buying activity does not replace the need for confirmation through a weekly close above resistance.