• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Bitcoin: Analysis of Impact on Key Support Levels

user avatar

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.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Analysts Weigh in on Altcoin Gains and Economic Indicators

chest

Analysts discuss the sustainability of recent altcoin gains and the importance of upcoming US economic indicators.

user avatarGustavo Mendoza

Altcoins Surge as Bitcoin Remains Stable

chest

A selection of altcoins has posted double-digit gains over the past week, while Bitcoin remains stable and rangebound.

user avatarMaria Fernandez

Ric Edelman Predicts Bitcoin Could Reach $500,000 by 2030

chest

Financial adviser Ric Edelman predicts Bitcoin could reach $500,000 by 2030 based on a simple allocation model.

user avatarMiguel Rodriguez

Edelman Highlights Ethereum's Role in Crypto Market

chest

Ric Edelman discusses the importance of Ethereum in the cryptocurrency market, particularly in relation to stablecoins.

user avatarRajesh Kumar

Strategy's Confidence in Bitcoin Amidst Market Volatility

chest

Strategy founder Michael Saylor expresses confidence in meeting financial obligations even if Bitcoin drops to $8,000, while the company continues to accumulate Bitcoin despite potential volatility.

user avatarLuis Flores

US Dollar Maintains Dominance in Global Transactions

chest

The US dollar continues to dominate global transactions, accounting for 50.5% of SWIFT transactions, despite rising competition from alternative currencies.

user avatarArif Mukhtar

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.