A widely followed cryptocurrency trader is warning that Bitcoin (BTC) could suddenly collapse if it loses a key support level.
The trader pseudonym known as Altcoin Sherpa tells his 239,300 followers on social media platform
He also says Bitcoin may remain bearish until the US government decision what it will do with seized Bitcoin from the Silk Road darknet marketplace following reports this week that it had been legally cleared to sell more than 69,000 BTC.
“BTC: We may just see an endless TWAP (Time-Weighted Average Price) sale for now and no bidders until this stupid government sell-off is over. If people spend too much money, things could get ugly if we lose about $90,000. Hoping we can absorb it, but we’re not feeling super confident. I wouldn’t be super surprised if we go to the mid-low $80,000s in some scenarios.”
Bitcoin is trading at $94,776 at the time of writing, up 2.8% in the past 24 hours.
The analyst is also weighing in on the Solana (SOL)-based memecoin Fartcoin (FARTCOIN). He suggests FARTCOIN could fall more than 28% from its current value based on Fibonacci retracement levels.
“FARTCOIN Market Structure: Still Bearish, But I’m Still In It. I want to buy some more in the $0.80 and $0.60 regions when they come.”
FARTCOIN is trading at $0.84 at the time of writing, down 2.4% in the last 24 hours.
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Generated image: Midjourney
