A widely followed crypto strategist, bitcoin He says that (BTC) appears vulnerable to a sell-off event after losing a significant price level.
The analyst, nicknamed Credible Crypto, told his 340,700 Twitter followers that Bitcoin could see another drop as it continues to trade below the $27,000 resistance.
According to the trader, Bitcoin’s recent weakness could lead to a liquidation event where BTC is trading below $25,000.
“Right now I’m a little more neutral in terms of the direction of BTC. I think it is possible to stay in the red levels.
If we get this level back, we might hit rock bottom.
If we don’t get it back, we could see a drop from $25,000 to the GREEN line with some wicks falling due to momentum/liquidations. This will be the final levels below $25,000 that I’ve talked about in previous posts and videos and that we haven’t yet ruled out.
At the time of this writing, Bitcoin is trading at $26,883, still below the trader’s key price area.
Credible Crypto has a dissenting view that Bitcoin will witness a massive spike this year on its way to a new all-time high. In April, the trader crypto- predicted that the asset will break the six-figure mark before the end of 2023.