4 December 2024

Crypto Analyst Sounds Alarm on Bitcoin: Key Support Level at $65,000 Critical for Bullish Momentum

A prominent crypto analyst warns Bitcoin (BTC) could drop to $65,000, a critical support level for maintaining bullish momentum.

A prominent crypto analyst has raised concerns regarding Bitcoin (BTC) as it trades around the $69,000 mark. Credible Crypto, a well-known figure in the cryptocurrency community with over 433,500 followers on X, warns that Bitcoin could drop to $65,000 soon if it fails to maintain its current support level.

According to Credible Crypto, losing the $65,000 support could trigger a bearish trend for Bitcoin, which would jeopardize any bullish aspirations. He emphasizes the importance of a bounce between the current price and $65,000 to sustain bullish momentum.

"Despite the unexpected strength observed in BTC, it still appears weak behind the scenes. Trading at $70,000, it is crucial to see a bounce between here and $65,000 to keep bullish dreams alive," he stated.

The analyst suggests that if Bitcoin can hold above $65,000, it may have the potential to rise to $74,000. He notes, "We are currently testing the critical support region for bulls, which is between $65,000 and $69,000. If we lose this area, it confirms a deviation, but holding it could lead to a surge towards the last set of untapped highs above us."

Furthermore, Credible Crypto points out that Bitcoin’s recent surge above $71,000 lacked the characteristics of a strong market trend. He initially believed that breaking $71,000 would be a bullish sign, anticipating a rally towards $100,000. However, he observed that the breakout occurred in a corrective manner, with high levels of leveraged long positions and spot trading fading the move.

"Impulsive price action is what we expect with sustained upward movements. Perpetual futures-driven moves, combined with corrective upward movements, do not constitute impulsive behavior," he explained.

As of now, Bitcoin is trading at approximately $69,708. Investors are advised to stay informed and exercise caution in their trading decisions.

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Disclaimer: The opinions expressed in this article are not investment advice. Investors should conduct their own research before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. All transfers and trades are at your own risk, and any losses incurred are your responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor does it act as an investment advisor. The Daily Hodl participates in affiliate marketing.

Source: The Daily Hodl