DonAlt's Updated Outlook on Bitcoin Price

Popular crypto trader known online as DonAlt has shared an updated outlook on Bitcoin (BTC).

The price of the major cryptocurrency has lost over 14% in the last three days and is currently trading at just under $94,000 per BTC. This poor performance has resulted in massive liquidations in the altcoin space and a sense of fear, uncertainty, and doubt among market participants.

DonAlt discusses how the sharp drop in Bitcoin's price to almost $90,000 has triggered significant liquidations of altcoins, pushing many back to bear market valuations.

However, he suggests that a price range between $85,000 and $90,000 per BTC could serve as a support zone, where bullish investors may attempt to stabilize and push prices further upward.

If this resistance is breached, the next major trading range could be the $85,000-$71,500 area, which coincides with an unclosed gap for Bitcoin on the CME.

While the outlook seems grim, the proximity of Bitcoin to this support zone provides a glimmer of hope for a bullish response. Despite this, the volatile nature of the crypto market suggests that fluctuations may continue as the year comes to a close.

Originally published on U.Today