A broadly followed cryptocurrency strategist reveals Bitcoinย (BTC) looks vulnerable to a sell-off event after losing a key price level.
Pseudonymous analyst Credible Cryptocurrency tells his 340,700 Twitter followers that he thinks Bitcoinย (BTC) is in a position to see one more leg down as it persistsย to trade below resistance at $27,000.
Reportsย by the trader, BTCโs recent weakness could lead to a liquidation event that sees Bitcoin trading below $25,000.
โA little more neutral now in terms of direction on Bitcoin now โ the RED level holds the key, in my opinion.
Reclaim it, bottom couldย be in.
Fail to reclaim, and we likely go for a flush of our bottomย Line into the GREEN line at $25,000 with some wicks lower depending on momentum/liquidations. This would be the final flush under $25,000 I have been mentioning in previous posts and vids that we havenโt been able to rule out yet.
Remember โ a final flush is HEALTHY as long as we stay over $20,000-ish.โ
Atย theย momentย ofย writing, Bitcoinย (BTC) is trading for $26,883, still below the traderโs key price area.
Credible Cryptocurrency holds a contrarian view that Bitcoinย (BTC) will likely witness a substantial surge this year on its way to a fresh record-breakingย peak. In April, the trader predicted that Bitcoinย (BTC) will break the six-figure mark before the end of 2023.
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