A widely followed crypto strategist says Bitcoin (BTC) appears vulnerable to a sell-off after losing a key price level.
Pseudonymous analyst Credible Crypto tells his 340,700 Twitter followers that he thinks Bitcoin is in a position to see another leg down as it continues to trade below resistance at $27,000.
According to the trader, Bitcoin’s recent weakness could lead to a liquidation event with BTC trading below $25,000.
“Now a bit more neutral in terms of direction on BTC – the RED level is key in my opinion.
Reclaim it, bottom may be inside.
Fail to win back, and we will probably go for a flush from our lows to the GREEN line at $25,000 with a few wicks down depending on momentum/liquidations. This would be the last flush below $25,000 that I’ve mentioned in previous posts and videos that we haven’t been able to rule out yet.
Remember – a last flush is HEALTHY as long as we stay above $20,000.
At the time of writing, Bitcoin is trading at $26,883, still below the main trader price area.
Credible Crypto has a contrarian view that Bitcoin is likely to see a massive surge this year on its way to a new all-time high. In April, the trader predicted that Bitcoin will break the six-digit mark before the end of 2023.
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Image generated: Midway through the journey