A popular crypto trader, known as The Flow Horse, thinks Bitcoin is about to face its biggest test yet. He believes whether Bitcoin can break through the $80,000 mark will determine if the current bull market continues.
$80,000: The Make-or-Break Point
The Flow Horse says that if Bitcoin hits $80,000 and then drops back down, it could signal a bearish trend for the cryptocurrency. He explains that even though Bitcoin could eventually reach $100,000, the path to get there isn’t guaranteed.
He also noted that investors seemed to be turning bearish ahead of the recent US presidential election. He believes this shift in sentiment could lead to more people shorting Bitcoin, meaning they’re betting on its price to go down.
Support Levels to Watch
The Flow Horse thinks Bitcoin needs to stay above $67,500 to maintain its upward trend. This level is important because it represents a previous resistance zone that Bitcoin has broken through. If it falls below this level, it could indicate a shift towards a bearish market.
Bitcoin’s Current Performance
At the time of writing, Bitcoin is trading at $74,839, up 9.2% in the last 24 hours.
Remember: This information is for general knowledge and shouldn’t be considered financial advice. Always do your own research before making any investment decisions.
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