A widely known crypto analyst is issuing a warning on Bitcoin (BTC) as the flagship digital asset hovers in the $69,000 range.
Pseudonymous crypto trader Credible Crypto is telling his 433,500 followers on social network X that Bitcoin could fall to $65,000 in the near future.
He also warns that if Bitcoin loses $65,000 as support, it could signal the start of a bearish market trend.
“Despite the unexpected “power” of BTC, on the backend it still looks like garbage. Trading here at $70,000, you will want to see a bounce between that point and $65,000 to support the bullish dreams.”
He says Bitcoin could eventually make another move towards the $74,000 level if it can hold $65,000 as support.
“That’s it. Now testing the ‘must hold’ area for bulls ($65,000-$69,000). Losing this area confirms the rejection, and holding it allows for the latest set of unused highs above us.”
Finally, the analyst says Bitcoin’s breakout above $71,000 this week did not have the characteristics of a strong market trend.
“I actually thought a break of $71,000 would be bullish, as I assumed we wouldn’t break out of those highs until we saw the next upside momentum that would trigger a rally to $100,000. Instead, we broke the highs in a corrective manner, using record highs long positions with leverage in our range and spot fading of the movement…
Impulsive PA (price action) is what we get with a sustained upward move, period. The movements caused by Perp (perpetual futures) combined with upward corrective movements are not impulsive and simple.”
At the time of writing, Bitcoin is trading at $69,708.
Generated image: Midjourney
