In a recent price analysis, a crypto analyst has highlighted a crucial support level for Bitcoin (BTC), emphasizing the possibility for the pioneer cryptocurrency to plummet significantly to new lows if it fails to maintain certain key levels.
According to the analyst Bitcoin could experience a potential price crash to $42,000 if it fails to hold the critical support level at $63,000. Based on Bitcoin’s recent price actions and present market conditions, the cryptocurrency is seen to be facing a crucial support level at the $63,000 price mark.
The crypto analyst revealed that the $60,000 price mark was seen as a bullish sign, possibly hinting at further upsides. However, despite the price leap, Bitcoin is now facing a rejection and has been unable to continue its expected upward momentum. If Bitcoin’s price successfully stays above the $63,000 critical support level, a future bullish scenario remains valid.
On the other hand, if the cryptocurrency falls below this key level, its price outlook potentially becomes much more concerning and bearish. DonAlt foresees Bitcoin crashing around $52,000 and $42,000 if it cannot maintain its price near the $63,000 mark. He further indicated that the cryptocurrency might test these lower price levels as potential new support zones.
At the time of writing, Bitcoin’s price is trading at $64,104. Despite declining by 4.44% over the past week, the cryptocurrency remains on an upward trajectory, steadily approaching the $70,000 threshold.
According to data from Coinglass, over $2.5 billion in leveraged long positions were liquidated when Bitcoin fell below the $63,000 mark. Popular crypto analyst, Ali Martinez revealed that investors who are presently betting on Bitcoin’s potential to decline are becoming overconfident.
It is crucial for Bitcoin to maintain the $63,000 support level in order to avoid a significant price crash. The market conditions are currently volatile, with investors experiencing both gains and losses based on Bitcoin’s price movements. It is important for investors to closely monitor the cryptocurrency’s behavior at this critical support level to make informed decisions about their investments.
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