Analyst Predicts Bitcoin Can Overcome $70,000 Resistance
21.07.2024 17:30 1 min. read Alexander Stefanov
A leading analyst who accurately forecasted Bitcoin's lowest price in 2022 now believes Bitcoin's bearish pressures have been fully exhausted.
In a recent update, the analyst, known as DonAlt, expressed strong optimism about Bitcoin’s future performance. He indicates that there is no significant resistance left to impede Bitcoin’s potential gains, except for highly unlikely catastrophic events.
DonAlt asserts:
“The major resistance at $70,000 seems to have been neutralized after numerous tests.
Unless Bitcoin’s price drops below $63,000—an unlikely scenario given current market conditions—the path ahead appears clear for further gains.”
He elaborates that previous resistance levels around $70,000 have weakened due to multiple tests, making them less of a hurdle for Bitcoin’s price movement.
Technical analysis suggests that resistance levels lose their strength with repeated testing, as the selling pressure at those levels diminishes.
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