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Renowned cryptocurrency analyst and strategist, Credible Crypto, has issued a warning to investors that Bitcoin (BTC) may be vulnerable to a sell-off after losing a critical price level.
Credible Crypto Focused on the $27,000 Level
The anonymous crypto analyst and strategist Credible Crypto cautions that a sharp drop could be on the horizon if Bitcoin continues to trade below the resistance level of $27,000.
According to the analyst, Bitcoin‘s recent weakness could trigger a liquidation, driving the price down to below $25,000:
I’m a bit neutral on BTC’s direction at the moment. In my view, the RED level holds the key. If we can get above this level, we can say that we’ve hit bottom. If not, depending on momentum/liquidations, I’d expect a drop towards the GREEN line from $25,000. This would be the last dump below $25,000 that we haven’t been able to disregard in my previous analyses and videos. Remember, as long as we stay above $20,000, such a drop would be a HEALTHY correction.
At the time of writing, Bitcoin is trading at $27,288, up 1.83% in the last 24 hours. Even though BTC‘s latest move in the past 24 hours brought its price above the $27,000 level that Credible Crypto pointed out, the confirmation of surpassing this level would require the close of the daily candle.
Predicts Bitcoin to End the Year Over $100,000
Despite these concerns, Credible Crypto believes Bitcoin will hit a record high within the year. In a past analysis in April, the analyst predicted Bitcoin would reach six figures before the end of the year.
This prediction implies a closing price of at least $100,000 for BTC by the end of the year, marking an increase of at least 266% from current prices.
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