A popular crypto analyst, Cheds, is predicting a significant Bitcoin price drop if it falls below a key support level.
Bitcoin’s Crucial Support Level
Cheds, who boasts a large YouTube following, says Bitcoin is currently trading sideways, stuck between resistance at $107,000 and support at $90,000. He emphasizes the importance of holding the $90,000 level, calling it crucial for maintaining the overall upward trend.
A Potential Steep Drop
If Bitcoin breaks below $90,000, Cheds predicts a rapid decline. He believes the price could plummet all the way down to the $72,000-$74,000 range without pausing. He doesn’t see any support holding between $90,000 and $72,000. This drop, he says, would be a “severe momentum blow” to Bitcoin’s price. His analysis considers various technical indicators to support this prediction.
Current Bitcoin Price
At the time of writing, Bitcoin is trading slightly above $96,000.
Disclaimer: This information is for general knowledge and shouldn’t be considered investment advice. Always do your own research before investing in cryptocurrencies.
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