A closely followed technical analyst made a wild prediction that the price of Bitcoin (BTC) reached $84,000. You can take a look at the analyst’s accurate predictions from this article.
The analyst, who bought Bitcoin at the bottom price, targets $ 84,000
The popular technical analyst, nicknamed DonAlt, said on Twitter that Bitcoin got a true story, especially on the background of bank failures in the USA. Silicon Valley Bank and Signature Bank recently collapsed, leading to a crisis that left USDC to lose price stability. BTC fell as low as $19,500 before breaking above $26,000 during the week of the crisis.
In his latest analysis, DonAlt said that he is confident that the Bitcoin price will never fall below $20,000 again. In a surprising prediction, the popular analyst expects a break towards $84,000…
This literally just means I think $20k was THE low and we'll not go below it again
If 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
DonAlt revealed that he has not actually finished buying and, according to his analysis, is eyeing $84,000. The analyst believes that those who sell while banks are sinking should not invest in the first place. According to DonAlt, this crisis is not a short-term earnings tool based on phenomena like Elon Musk.
Rather, it is a systemic one, as evidenced by Bitcoin’s steady rise to $30,000 over the past year despite various challenges.
“BTC now has a true story”
As the analyst noted, the crypto market has witnessed the bankruptcy of several crypto companies, including the Terra ecosystem, Celsius Network and BlockFi. FTX crashed and left thousands of users broke. Then in 2023, cryptocurrency-friendly banks Silvergate and Silicon Valley Bank closed. Despite all this, Bitcoin continues to perform well.
Announcing that he started to buy Bitcoin at the bottom prices in November last year, DonAlt shared his price target of $ 84,000 on this date. While this estimate may seem exaggerated, he thinks we may see a similar breakout in other analysts in recent days.
Seems reasonable
Willing to lose the investment to gain more than a 5x
Think the 5x is actually more likely than losing it allStill not finished buying and can buy more lower if need be but that's the idea pic.twitter.com/f3kTQAUUVS
— DonAlt (@CryptoDonAlt) November 16, 2022
As Kriptokoin.com, we have included the 6-digit Bitcoin price prediction, which Capriole CEO Charles Edwards included in his latest analysis, in this article. These expectations have been strengthened by the current banking crisis, DonAlt says.
A new catalyst emerges for Bitcoin
Finally, evaluating the crypto agenda, DonAlt says that the troubles in the banking sector are the catalyst for the rise for Bitcoin. He made the following comments on the subject in a recent YouTube post:
Given the macro background we have, which is basically a huge belief that banks are being destroyed right now, a group of people actually think we’re going to have a 2008-style bank crash again. I’m not necessarily in that group, but I’m not a banking expert either. So it doesn’t really matter to me. I suspect. Honestly, I think we’re going to get a series of government interventions like we did in America…
While DonAlt states that Bitcoin was invented for these situations, he adds that a bank run will negatively affect the crypto market in the short term:
This crisis basically shows a really bullish trend for crypto. That’s basically what Bitcoin was made for. Bitcoin was born out of the rage of 2008. Satoshi was very, very angry at the way things were going back then. That’s why Bitcoin was created. The repetition of the same thing clearly basically means ascension,
The problem is, if a bankruptcy really starts and banks crash everywhere, it’s going to bring the market down a little bit. It will bring everything down. It will also bring Bitcoin down in the short term…
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