One of the most respected crypto analysts has issued a warning about Bitcoin (BTC), as this flagship digital asset is hovering around $69,000.
Credible Crypto, a pseudonymous cryptocurrency trader on social media platform X told his 433,500 fans that Bitcoin might plummet as low as $65,000 within the next few months.
Also, he warns that the market could turn bearish if Bitcoin falls below $65,000.
Trading here at $70,000, you’re going to want to see a bounce between here and $65,000 in order for bull dreams remain alive. If you are trading at $70,000, then your bullish dreams will be alive if there is a jump between $65,000 and $75,000 .”
Bitcoin may eventually reach $74,000 if $65,000 can be held as a support.
Here we go. Test the region that bulls must hold ($65,000 to $69,000). Holding it will allow us to grab the untapped highs that are above us .”.
The analyst concludes that Bitcoin’s recent break over $71,000 did not show the signs of a market trend.
“I thought a break above $71,000 was bullish, as I thought we wouldn’t break these highs before we got our next surge to the upside that would ignite the rally up to $100,000. We broke the highs instead in a correctional manner with high-leveraged longs and spot fading.
Price action (PA) can be impulsive when sustained upward movements are made. “Perpetual Futures driven moves combined with corrections up are not impulsive. Simple.”
Bitcoin currently trades for $69708 as of the time this article was written.
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Sources of Images include Pixabay Creative Commons & Midjourney
The post Crypto Analyst Issues Bitcoin alert, Outlines the ‘Must Hold’ BTC level Necessary to Keep Bull Dreams alive may be updated as new information becomes available.
