A well-known crypto analyst, Altcoin Sherpa, is sounding the alarm about Bitcoin (BTC), claiming it’s teetering on the edge of a significant price drop. He’s shared his concerns with his large following on X (formerly Twitter).
Critical Support Levels
Sherpa highlights several crucial support levels for Bitcoin. He says that if BTC fails to hold above $76,600, a more substantial correction is likely. Other key levels to watch are $77,903 and $78,197. He calls these levels “do or die” for Bitcoin’s current upward trend.
Potential Price Drop
If Bitcoin closes below $76,000 over a three-day period, Sherpa predicts a swift drop to the mid-$60,000 range. While he sees potential for a profitable trade in this scenario, he acknowledges the inherent risk.
Uncertain Future
The analyst acknowledges the current market situation is uncertain. He believes the next few days will be crucial in determining whether Bitcoin can rally without revisiting the $60,000 level. He notes that the overall market structure looks weak.
Low Volume Trading Gap
Sherpa also points to a low-volume trading gap between $71,000 and $82,000. He suggests that Bitcoin’s price might fluctuate within this range for a while before breaking out.
Current Market Conditions
At the time of writing, Bitcoin is trading around $82,400, showing a 7.6% increase over the past 24 hours. However, this positive movement doesn’t change Sherpa’s overall bearish outlook.
Disclaimer:
This information is for general knowledge and shouldn’t be considered investment advice. Always conduct thorough research and consider your own risk tolerance before making any investment decisions./p>
