Bitcoin Fights To Regain $94,000: What Does Technical Analysis Say?

Bitcoin BTC/USD is seeing volatile trading on Friday, briefly regaining the $95,000 market before slumping below $94,000 on a hotter-than-expected jobs market report.

What Happened: The apex cryptocurrency is trading down 2% over the past 24 hours, having visited the $92,000 and $95,000 marks within this timeframe.

Prominent technical analyst DonAlt remains somewhat upbeat about its prospects, despite current volatility.

In his latest technical analysis podcast published on Wednesday, DonAlt acknowledged that recent pullbacks have caused concern but stressed that Bitcoin's high timeframe charts remain strong.

He suggests the reaction to recent dips might be overblown, stating, "Bitcoin still looks quite decent. I think $150,000 would already be significant this cycle."

He also underscored that the maturing market might not deliver the explosive gains seen in previous cycles, urging investors to temper expectations.

Regarding Ethereum ETH/USD, DonAlt pointed to $2,900-$3,000 as a critical support level.

He doesn't consider Ethereum "cooked" unless it breaks below this range.

XRP XRP/USD, meanwhile, stands out as a top performer. He praised its current chart, saying, "It's just a good-looking chart."

On the topic of FTX payouts, DonAlt suggested that the potential market impact is limited, as many large claim holders have already sold their stakes.

He also emphasized that the crypto market has matured, making sharp corrections less frequent but also reducing the likelihood of dramatic upward moves.

Also Read: Bitcoin Is Suffering From A Shift In Macro Expectations, Analyst Says: Here’s What That Means

What's Next: Looking ahead, DonAlt predicts the current market cycle is nearing its conclusion, estimating it could wrap up in a few months.

However, he remains hopeful for an "aggressive last leg" of growth before the cycle ends.

He cited former President Donald Trump's pro-crypto stance as a potential driver for market expansion, noting, "Trump is trying to pump this market, and I think it's still small enough for him to influence."

DonAlt urged caution, emphasizing the importance of managing risk and securing profits, as the market might not replicate previous cycles’ meteoric gains.

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