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Bitcoin‘s (BTC) every move is known by crypto analyst Credible Crypto, who warned that the price of the largest cryptocurrency could move downwards after surpassing $27,000. The analyst identified significant levels that he considered important.
Bitcoin Highlights 3 Critical Levels
Anonymous crypto analyst Credible Crypto stated on his personal account on social media platform X that he expects Bitcoin to drop to $24,900, but despite this drop, the bull market cycle could continue. He said:
I have marked the most important levels on the chart. The official confirmation of the approaching drop will be obtained from the blue level (approximately $26,400). The ideal downward target for this expected drop will be the orange level (around $25,600). To continue the upward movement, we must not fall below the red level (around $24,900).
So, how low can we go? It will depend on how far this momentum can take us.
The analyst mentioned that he closely monitors the open positions in Bitcoin options as a measurement that can help indicate the bottom in the short term. He stated the following:
It is important to closely monitor the OI metric. In the chart above, you can see that less than half of the increasing OI has been closed in this rally. A break below the blue will push us towards the orange and trigger some liquidations, starting with closing positions in OI. If the OI of this rally is completely reset, it will likely be a good indicator that most of the negativity has been completed.
Credible Crypto emphasized that Bitcoin’s ability to hold above $24,900 in the short term would indicate that BTC is still in an upward cycle and added, “In a perfect scenario, we would make a move below orange by taking all the liquidity, but we would remain above red, maintaining the structure of the bull market. Let’s see how things develop.”
Attention to Elliott Wave W-X-Y Formation
Furthermore, Credible Crypto states that Bitcoin could form an Elliott Wave W-X-Y formation with the upcoming drop, which could bring the price of the largest cryptocurrency to the $25,000 range before surpassing $28,000, confirming a bull market.
The analyst points out that it seems unlikely for Bitcoin to break the resistance at $27,000 in the short term and says, “Remember that we are currently at the real resistance, so the path of least resistance is technically downwards in the short term. We can say that the bull run starts when we surpass $28,000. Until then, we need to proceed with caution at the $27,000 and logical resistance levels.”
