A widely followed crypto analyst is issuing a Bitcoin (BTC) warning as the flagship digital asset hovers in the $69,000 range.
Pseudonymous crypto trader Credible Crypto tells his 433,500 followers on the social media platform X that Bitcoin could plummet to $65,000 in the near 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 ‘strength’ on BTC, it still looks like garbage on the backend. Trading here at $70,000 you’re going to want to see a bounce between here and $65,000 to keep bull dreams alive.”
He says that Bitcoin could eventually make another move to the $74,000 level if it can hold $65,000 as support.
“Here we go. Now testing the ‘must hold’ region for bulls ($65,000-$69,000). Losing this region confirms the deviation, holding it allows for a swipe of the last set of untapped highs above us.”
Source: Credible Crypto/X
Lastly, the analyst says that Bitcoin’s break above $71,000 this week did not have the characteristics of a strong market trend.
“I did think a break of $71,000 would be bullish as I assumed that we would not break those highs until we saw our next impulse to the upside to ignite 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 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 movements up, are not impulsive, simple.”
Bitcoin is trading for $69,708 at time of writing.
Generated Image: Midjourney
