Bitcoin (BTC) is currently facing a critical juncture as it hovers around the $90,000 support level. According to a well-known crypto strategist, Cheds, if Bitcoin corrects below $90,000, it could experience a significant downturn, potentially dropping to as low as $72,000.
Cheds, who has a large following on YouTube, points out that Bitcoin is currently trading in a sideways trend with strong resistance at $107,000 and crucial support at $90,000. The importance of the $90,000 support level cannot be understated, as it is a key factor in maintaining BTC’s upward momentum. If this support level is breached, the analyst believes that Bitcoin could plummet to the mid $70,000 range.
In his analysis, Cheds emphasizes the significance of the $90,000 level, citing multiple charting indicators and the historical interactions at this price point. He warns that if Bitcoin falls below $90,000, there may be no stopping it from reaching $72,000 to $74,000, as the momentum shift could be severe.
Currently, Bitcoin is trading at $96,231, showing a slight increase for the day. However, the market sentiment remains cautious as traders closely monitor the price action around the critical $90,000 support level.
In conclusion, Bitcoin’s price movements in the coming days will be crucial in determining its short-term direction. Traders and investors are advised to keep a close eye on the $90,000 support level, as a break below this key level could trigger a sharp decline in BTC’s price. Stay tuned for more updates on Bitcoin’s price action and subscribe to receive email alerts for the latest developments in the crypto market.