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.
Two major developments are converging in July that could shape the future of Bitcoin in the United States—both tied to President Trump’s administration and its expanding crypto agenda.
Digital asset investment products recorded $1.04 billion in inflows last week, pushing total assets under management (AuM) to a record high of $188 billion, according to the latest report from CoinShares.
Strategy, the Bitcoin-centric firm formerly known as MicroStrategy, has temporarily paused its regular Bitcoin purchases.
Spanish banking giant BBVA has expanded its digital services by introducing in-app Bitcoin and Ethereum trading and custody for retail clients.