Bitcoin Faces Potential Downturn as Key Support Level Approaches
A prominent crypto analyst has raised concerns that Bitcoin (BTC) could experience a significant correction if it fails to maintain a crucial price level. Dave the Wave, who boasts a following of over 154,700 on X, warned that Bitcoin must hold the $88,000 mark to avoid a deeper slide after recently dipping below the psychologically important $90,000 threshold.
“BTC chances of another leg down if this level cannot hold.”
In a follow-up analysis, the expert indicated that Bitcoin might descend to the $70,000 support level, representing a decline of over 22% from its current trading value. “Recent price movements seem to contradict this outlook with the formation of an ascending triangle in the short term. While there’s a possibility of a breakout toward the Fibonacci extension target, a further decline seems more likely,” he noted.
“Price is likely to meet macro support around the $70,000 threshold, as demonstrated in the multi-year chart. While this drop seems significant in nominal terms, it translates to roughly a 25% correction of the rise seen since 2023 in logarithmic terms.”
Additionally, seasoned trader Peter Brandt, known for accurately predicting Bitcoin’s crash in 2018, echoed concerns surrounding an impending significant correction for the cryptocurrency.
As of the latest update, Bitcoin is valued at $89,890, reflecting a daily increase of 1.6%.
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