Bitcoin price is currently on a key supportive trendline that could determine the next big move. According to a crypto analyst, a breakout of this level could lead to two possible scenarios. On the bullish side, the cryptocurrency could expand the recent price recovery and push higher. However, in a bearish scenario, the analyst predicts a steep decline, with the price possibly heading back to $68,000. Given the importance of this trendline, analysts and traders are keeping a close eye on how Bitcoin will react here.
Bitcoin price is at a critical make-or-break trendline
Crypto market analyst Ardi has done just that presented another compelling Bitcoin price analysis on X. This time, however, he has outlined two potential price scenarios for the flagship cryptocurrency. While others to believe that Bitcoin may have entered bullish territory after its increase above $79,000Ardi still maintains a cautious stance even as he foresees possible bullish scenarios.
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In his post, Ardi noted that Bitcoin price is currently in a critical technical area where two major support levels meet. He said these supports include an established rising trendline pointing towards $79,418 and a liquidity zone around the $77,300 level.
According to him, this has led to an upward trend line Bitcoin’s price action since it hit $65,000 early April. The chart also clearly shows that every major swing high within BTC’s last recovery has respected this trendline, making it a consistently tested support area throughout the upward move.
As a result, Ardi highlighted that this trendline has become a critical zone for the market to watch, especially as Bitcoin is now approaching a decisive point where the price could break above or below support. He also noted that every rally since the $65,000 level has been won main liquidity zones found on this rising trend line.
Therefore, he believes that as long as the trend line holds, Bitcoin’s broader bullish structure will remain intact. Furthermore, if the cryptocurrency can break above the $79,410 trendline, it could extend its move upwards.
Analyst predicts a possible price increase to $68,000
Due to his bearish outlook, Ardi explained that if Bitcoin loses the $77,300 support level, it could mark the first clear breakdown towards a decline to lower levels. He noted that this would negate BTC’s bullish structure and signal a major shift in momentum.
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From there, he expects the price of BTC to move into deeper liquidity pockets below current levels. He pointed to a potential healthy retest around $76,000, followed by a decline of almost $73,600 if the selling pressure continues. If Bitcoin breaks through this territory, he will believes that the cryptocurrency could turn bearish, potentially driving the price back to $68,000.
Featured image from Pixabay, chart from Tradingview.com