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Bitcoin recently bounced back above $61,500. Top technical analyst DonAlt believes the chances of Bitcoin hitting $80,000 are higher than dropping to $40,000.

In a recent podcast, DonAlt discussed Bitcoin's return to support levels on the monthly chart. He described it as “not the best,” but not overly concerning. If Bitcoin doesn’t show upward movement in the next 29 days, he’ll start to worry.

On the weekly chart, he noted that the situation isn’t too bad, even with a quick retrace from last week’s breakout. He’s keeping an eye on whether Bitcoin can hold support at current levels. A close below this level could give bears some credibility.

DonAlt pointed out that the daily chart looks “technically bearish,” but he tends to overlook this in today’s choppy market conditions.

He believes $80,000 is more likely than $40,000 for Bitcoin's next major move. However, he cautioned that even if Bitcoin reaches new highs, it could drop back down.

As for his personal investments, DonAlt mentioned he holds a small Bitcoin position around $58,000 and some Ethereum near $2,550. He’s roughly break-even overall but may need to close with a small loss if the downtrend continues.

At the time of writing, Bitcoin trades around $61,750, up 2.7% over the past 24 hours.

Looking ahead, the role of Bitcoin as an institutional asset will be a key topic at Benzinga’s Future of Digital Assets event on November 19.

In the event of a conflict in the Middle East, analysts speculate that Bitcoin could drop, but there are nuances to consider.

Stay tuned for updates. We provide market news and data through Benzinga APIs, offering insights and alerts from analyst ratings, free reports, and breaking news that impact the stocks you care about.