A prominent cryptocurrency analyst is sounding the alarm on Bitcoin (BTC) as the leading digital asset remains around the $69,000 mark.
Credible Crypto, a well-known crypto trader on the social media platform X, is cautioning his 433,500 followers that Bitcoin could drop to $65,000 in the near future.
He also warns that a failure to hold the $65,000 support level could indicate the beginning of a bearish market trend.
“Despite the apparent strength in BTC, it still appears weak overall. Trading at $70,000, a bounce between $65,000 and the current level is crucial to maintain bullish momentum.”
According to Credible Crypto, if Bitcoin manages to hold $65,000 as support, it could potentially reach $74,000 in the future.
“Now testing the critical support region for bulls ($65,000-$69,000). Losing this range confirms a deviation, while holding it opens up the possibility of reaching new highs.”
Furthermore, the analyst comments that Bitcoin’s recent break above $71,000 did not exhibit the characteristics of a strong market trend.
“Breaking $71,000 was not as bullish as expected, as it was assumed that a new high would prompt the next rally towards $100,000. Instead, the break occurred in a corrective manner, with leveraged long positions at record highs and spot trading fading the move…
Impulsive price action is characteristic of sustained upward movements. Moves driven by perpetual futures, combined with corrective patterns, do not exhibit true momentum.”
At the time of writing, Bitcoin is priced at $69,708.
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