Bitcoin to $63,000? Analyst Warns of Major Crash If This Level Breaks
Bitcoin’s underwhelming price performance at the end of the year resulted in another 3% weekly decline to $88,000, even though the asset managed to recover from the drop to $84,500 earlier this week.
In fact, on-chain data shared by Ali Martinez shows that this precise level is the strongest support for BTC, where nearly 400,000 units were accumulated.
If broken to the downside, the next line of defense lies around $83,300. The same analyst with over 160,000 followers on X outlined the next support levels if that one cracks as well.
The worst-case scenario would be a massive price drop to $63,000, which would essentially invalidate the bull market. Recall that the cryptocurrency began its ascent in Q4 last year from roughly that level. Even though it doubled in price until the following October, it has lost 30% since then, and market observers are questioning the state of the bull cycle.
If bitcoin is to move in the opposite direction, it would need to overcome a few significant sell walls, the first of which is located at just over its current price tag. If it falls, the next one is around $92,000, followed by a major one at $94,000.
The last one proved to be too strong last week when BTC spiked to $94,500 on a couple of occasions before and after the US Federal Reserve cut the interest rates by another 25 bps. However, the subsequent rejection resulted in a massive $10,000 decline in a week or so.
The post Bitcoin to $63,000? Analyst Warns of Major Crash If This Level Breaks appeared first on CryptoPotato.
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