A widely followed crypto analyst has warned that Bitcoin (BTC) could fall after breaking through the $69,000 level on Sunday.
Pseudonymous crypto trader Credible Crypto told his 431,100 followers on social media platform X that he is turning bearish on Bitcoin in the short term.
“I think our top is probably in BTC, which is what I think makes the most sense on the lower time frames. Ideally we would chop a little more before we are ready to continue down.” .
Things are going well so far, and a pushback from this region would be ideal. Aim for the last long before the rug is pulled. ”
Looking at his chart, the analyst suggests that Bitcoin could make one more rally to the $68,000 level, face a rejection, and collapse to the $61,000 level by next week. .
The analyst warns that Bitcoin could correct below $49,000.
“We still expect it to be below $49,000. If bulls want to avoid that, $58,000 to $61,000 is the last resistance.”
However, in response to a question from an It expresses long-term bullish sentiment.
“Yes, that's why the highs are guarded and why they fail even though they're so close every time. These highs are “saved” for the actual breakout, so the breakout is When it happens, it is offensive and there is no turning back. A series of short liquidations where spot buyers bid relentlessly. It's going to be great when the time is right. ”
At the time of writing, Bitcoin was trading at $66,455, down nearly 2% in the past 24 hours.
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