Bitcoin: Analysis of Impact on Key Support Levels

user avatar

by Giorgi Kostiuk

2 years 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.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Payward to Acquire Saldo Bank for European Banking Expansion

Payward, the parent company of Kraken, plans to acquire Lithuania-based Saldo Bank to enhance its banking capabilities and integrate banking products with crypto services.

user avatarMaria Fernandez

Germany's Sparkassen Group Begins Cryptocurrency Trading Rollout

Germany's Sparkassen savings bank group is starting a phased rollout of cryptocurrency trading within its existing banking app, beginning on October 19, 2023.

user avatarGustavo Mendoza

CME Group to Launch Bitcoin Cash and Uniswap Futures on October 19

CME Group has scheduled the introduction of Bitcoin Cash and Uniswap futures for October 19, providing institutional traders with more cryptocurrency markets.

user avatarRajesh Kumar

Ethereum's Glamsterdam Upgrade Scheduled for Hoodi Test Network

Ethereum's next major upgrade, Glamsterdam, is set to activate on the Hoodi test network on October 26, marking a significant step in testing changes to block production and execution costs.

user avatarMiguel Rodriguez

International Crackdown on West African Scam Networks Results in 28 Arrests

An international effort against West African scam networks has led to 28 arrests and the removal of over 37 million accounts linked to fraudulent activity.

user avatarLuis Flores

Stablecoin Payment Transactions Surge Despite Flat Supply

A new report reveals a significant increase in stablecoin payment transactions, contrasting with stagnant supply levels.

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.