The Calm Before the Storm
Bitcoin (BTC) is currently skating above the $26,000 mark like a figure skater avoiding the mayhem of a crowded ice rink. The weekend saw a rollercoaster of emotions as the market dipped 11% over a week, giving traders some serious déjà vu feelings of impending doom.
Caution is the Name of the Game
Market analysts are throwing caution to the wind, with many predicting a bearish drift towards historic lows. Keith Alan, our boss of bearish thoughts, sees potential dips as unavoidable.
- Expect retests of $25,000.
- A possible double bottom might form if $25K holds.
- Eyes on $28K – $29K as the glimmer of hope.
In short, expect wild movements but keep your helmets on!
Support Levels to Watch
As the market takes a nosedive, several key support levels stand between crypto enthusiasts and pure panic. Should the floor at $25K give way, our traders will be hunting for refuge:
- $24,749, also known as “the new basement”.
- $19,567, located conveniently beneath a landmark from the 2017 Bull Market.
- A potential “bearadise” awaits if we tumble below, but with it might come a “generational buying opportunity.”
Pockets of Resilience
Not all is lost in the crypto wilderness. Analytics platform Whalemap notes that pockets of whale buying volume might act as a balmy lifebuoy amidst the sharks:
- Watch for support at $23,200.
- A back-up plan might be $21,000.
- If we continue to plunge, $19,200 and $16,600 could be next in line.
A Final Note
Amidst this chaos, it’s essential to remember: investing in crypto isn’t for the faint-hearted. Traders should proceed with caution, do their homework, and keep a sense of humor through the ups and downs. Who knows? You might find a wallet full of surprises, or just the occasional meme on your social feed.
