Once A Bearish Crypto Analyst Updates His Bitcoin Price Target – Here Is The Outlook

The crypto market had a massive bullish ride recently after Bitcoin price hit a nine-month high of $26,000 area. However, that bullish momentum was short lived as the star cryptocurrency has now retreated around $24,000. As of writing, Bitcoin is selling at $24,641 with a loss of 1.05% over the last 24hrs.
At present Bitcoin’s immediate resistance lies near $24,800 and if the currency breaks down below $24,500 support then BTC would be further hit with more bearish movements.
On the other hand, a well-known crypto analyst popularly known as DonAlt claims that Bitcoin can now be considered as sustainable and has a real narrative while the banks are losing their stance. Back in 2022, DonAlt was one among the analysts who had a bearish stance towards Bitcoin.
Bitcoin Price At $100K ?
Now, the analyst is of the opinion that Bitcoin will never face a pull back below $20,000 again.

This literally just means I think $20k was THE low and we’ll not go below it againIf I’m wrong the whole idea is wrong, but I doubt I am.Given I don’t know the future it’s nice to know that I’ll lock in 30% gains in the worst case anyway https://t.co/f91j3Stu49
— DonAlt (@CryptoDonAlt) March 15, 2023

Next, DonAlt talks about the failing banks in the US and abroad where he states that Bitcoin is not for a short term narrative. 

If you’re selling while banks are failing you should’ve never bought in the first place
— DonAlt (@CryptoDonAlt) March 15, 2023

The analyst gives out a list of macro economic events that has happened in the last 12 months and claims a $100,000 target for Bitcoin.

So we’re almost at $30k even though in the last 12 months-Luna went tits up-3AC perished-Celsius imploded-Blockfi exterminated-Voyager bit the dust-FTX exit scammed-Genesis was slain-Bitzlato was taken from us-US crypto banks got shut down-Aggressive SEC intervention
— DonAlt (@CryptoDonAlt) March 14, 2023

What needs to be noted here is that Bitcoin price has witnessed a huge price rise from its March 10th’s $19,000 level to the present $24,000. However, the upcoming Federal Reserve’s meeting and the interest rate hikes is said to play a major role in Bitcoin’s further price action.

This article has been originally published at: https://coinpedia.org/bitcoin/once-a-bearish-crypto-analyst-updates-his-bitcoin-price-target-here-is-the-outlook/