Bitcoin has fallen recently below the critical support level between $67,000 and $68,000, as we were unable to get above $67,000 Price point of $70,000 successfully. Based on crypto analyst Josh’s analysis, the flagship crypto needs to climb above this critical support level quickly enough or risk entering a bearish trend.
Bitcoin needs to rise above $68,000
Josh mentioned in a video on his YouTube channel that Bitcoin needs to achieve a confirmed breakout above $68,000 to turn bullish again and possibly experience more upside moves towards the resistance levels between $72,000 and $74,000. Of Bitcoin is currently below $67,000the crypto analyst noted that the area is in between $67,000 and $68,000 is now an area of strong resistance and an area to be aware of in the short term.
If Bitcoin fails to rise above $68,000 quickly enough, it could lead to a drop to between $63,000 and $64,000 in the short term, an area in which Josh claimed there is a decent amount of trading volume. The crypto analyst also suggested that Bitcoin drops to $64,000 This could happen soon as he highlighted the volume profile indicator, which showed little trading volume between $66,000 and $64,000.
Meanwhile, Josh outlined a scenario where Bitcoin could rise to around $67,000 to gain a large amount of liquidity and liquidate the short positions around that area. He noted that this area coincides with the resistance level between $67,000 and $68,000.
As such, he warned that Bitcoin could experience a near-term rebound and then be rejected at resistance levels. He again claimed that Bitcoin would need to break above $68,000 to confirm that the pullback is over.
A huge step forward for BTC
When analyzing Bitcoin’s four-day chart, Josh stated that the Bollinger bands are still squeezing together, suggesting a “big move” will happen sometime in the next few weeks. He added that the move would be volatile and that Bitcoin could potentially register a price move of 20% to 30%.
On the larger time frame, Josh noted that Bitcoin is still trading sideways and within a massive consolidation that usually takes place during a “much bigger bullish trend.” As such, the analyst suggested that Bitcoin is still far from its market top despite the recent price drop. Based on predictions from other crypto analysts, such as CrediBULL CryptoBitcoin is still expected to do this rise to $100,000 in this market cycle.
Crypto analyst Rekt Capital had also warned about these price drops during this bull run. He stated that Bitcoin would rebound deep enough to convince everyone that the bull run is over before the uptrend resumes.
At the time of writing, Bitcoin is trading around $65,400, down 1% in the past 24 hours. facts from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
