Cryptocurrency analyst and strategist DonAlt says Bitcoin$BTC

(BTC) stated that it could enter a new uptrend. Stating that the $ 68,000 level is a critical resistance point for the bulls in the current market conditions, the analyst emphasized that breaking the $ 58,000 support could indicate a long-term downtrend.

DonAlt issued an important warning to investors at Bitcoin’s $63,920 level. He explained that the correction that caused BTC to fall below $50,000 in August provided the necessary leverage clearance for the cryptocurrency to move stronger. He expects the market to show signs of recovery after this correction.

The analyst noted that any signs of weakness in the current market conditions could send Bitcoin into a prolonged downtrend. He stated that the bear trend could last 6 to 18 months, especially after the $58,000 level is broken, and said:

"The market has been shaken so aggressively that it's quite plausible that it would move higher after this kind of recovery, which usually happens after a long period of consolidation."

$68K Level

DonAlt emphasized that the $68,000 level on the daily chart is an important resistance point for Bitcoin. He stated that if there is a movement above this level, the bulls will be in an advantageous position and the bears will be mistaken:

"If we break the $68,000 level without a pullback, we can consider that the bears are probably wrong. Therefore, it is essential to take a cautious approach."

At the time of writing, Bitcoin was trading at $63,244, down more than 2 percent on a daily basis. DonAlt added that the current state of the market will affect Bitcoin’s medium-term outlook.

According to the analyst, the uptrend is expected to strengthen as long as Bitcoin maintains its current support levels. However, breaking the support levels may cause the market to need longer-term corrections. Bitcoin investors are carefully monitoring market movements, taking into account analyst predictions. Technical analysis and market conditions together play a critical role in understanding future price movements.

As a result, Bitcoin is considered to be in a favorable position for an uptrend in terms of technical indicators. However, it is important for investors to pay attention to the market's breaking points and to ensure risk management.