A widely followed crypto analyst is issuing a Bitcoin (BTC) warning as the flagship digital asset hovers around $69,000.
Pseudonymous crypto trader Credible Crypto tells According to his 433,500 followers on social media platform X, Bitcoin could fall to $65,000 in the short term.
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, it still looks like crap on the backend. If you are trading here at $70,000, you want to see upside between here and $65,000 to keep the bull dreams alive.”
He say that Bitcoin could eventually make another move towards the $74,000 level if it can hold $65,000 as support.
“Here we go. Now we test the ‘must hold’ region for bulls ($65,000-$69,000). Losing this region confirms the divergence, holding it allows a takedown of the last set of untapped highs above us.
Finally, the analyst say that Bitcoin’s break above $71,000 this week did not have the hallmarks of a strong market trend.
“I did think a break of $71,000 would be bullish because I assumed we wouldn’t break those highs until we saw our next push to the upside to fuel the rally to $100,000. Instead, we broke the highs in a corrective manner, with record high levered longs within our range and with spot fading of the move…
Impulsive PA (price action) is what we get with sustained moves to the upside, period. Perp (perpetual futures) driven moves, combined with corrective moves upward, are not impulsive, simple.”
Bitcoin is trading at $69,708 at the time of writing.
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Generated image: Midjourney