Bitcoin: Analysis of Impact on Key Support Levels

by Giorgi Kostiuk

a year ago

A cryptocurrency analyst warned of a possible sharp decline in Bitcoin's price if a key support level is lost.

Bitcoin's Support Level

The analyst, known as Altcoin Sherpa, highlighted that Bitcoin's value could drop if it loses support at the $90,000 level, potentially leading to a decline to around $80,000. Decisions related to Bitcoin seized from the Silk Road market by the U.S. government could continue to negatively influence the cryptocurrency market.

Fartcoin Analysis

Sherpa further analyzed that the Solana-based memecoin, Fartcoin, could decline over 28% from its current value based on Fibonacci retracement levels. FARTCOIN's market structure remains in a downtrend.

Warnings and Recommendations

Sherpa advised caution, noting that if Bitcoin falls below its support level, it could negatively affect the broader market. Given the volatile nature of cryptocurrencies, breaking support levels could lead to swift market fluctuations.

BTC: Perhaps we will see an endless Time Weighted Average Price (TWAP) sell-off until these foolish government sales cease. If we lose the $90,000 level, it could worsen. We hope to absorb this situation but are not very certain. In some scenarios, dropping below $80,000 wouldn’t surprise us.Altcoin Sherpa

The future of Bitcoin remains uncertain, and market participants should remain vigilant to the shifting support conditions that can impact the entire crypto market.

Rewards

More rewards

Discover enhanced rewards on our social media.

Other news

Mutuum Finance Shows Promising Growth in DeFi Space

Mutuum Finance (MUTM) is showing significant growth in its presale, increasing from $0.01 to $0.04, a 300% rise, while raising over $195 million and attracting 18,650 holders.

Lucas Weissmann32 minutes ago

Crypto YouTuber Highlights Importance of Fundamentals

Mason Versluis, a popular crypto YouTuber, emphasizes the importance of focusing on real fundamentals in cryptocurrency rather than unrealistic price predictions.

Filippo Romanoan hour ago

Finance Coach Urges Patience Amid XRP Price Drop

A well-known finance coach in the XRP community, Coach JV, urges investors to remain patient as XRP's price drops below $2, viewing it as a long-term buying opportunity.

Emily Carteran hour ago

Hyperliquid Founder Reaffirms Commitment to Integrity and Credible Neutrality

Jeff Yan, the founder of Hyperliquid, reaffirms the project's commitment to integrity and credible neutrality, stating that it will not engage in private investments or market maker deals.