Bitcoin price needs to hold this critical level to stop crashing further
As the recent crisis, directly caused by the decline of crypto exchange FTX, continues to shake the cryptocurrency industry, analysts are looking at the effects on the largest digital asset – Bitcoin (BTC) – and trying to determine the conditions for recovery or continuation. fall.
According to one of these analyses, Bitcoin needs to hold the level around $15,800 or it will continue to crash, possibly even down to $13,000, as the pseudonymous crypto expert known as Mustache explained on 14 November.
In this expert’s opinion:
“If the bearish triangle breaks out to the downside, we will most likely see BTC back in the $13,000 dollar area.”
‘No bueno’?
In a separate chirping, Mustache also revealed that Bitcoin was still below the 0.75 line of the Mayer Multiple indicator, and warned that the previous three times when it was rejected at this line, “it didn’t look very good for BTC.”
At the same time, cryptanalyst Josh Rager also noted that the situation was “not looking good for BTC at the moment” after “stocks opened lower and the dollar bounced,” on November 14.
Positive signs after all?
That said, crypto trading expert Michaël van de Poppe observed that the markets were consolidating and that Bitcoin was trading better than he had originally thought it would now, when he tweeted:
“Would guess we’re actually at $10,000, after the terrible news we’ve received in recent weeks.”
In fact, at press time, the flagship crypto was changing hands at $16,909, registering a modest recovery of 0.85% on the day, while still losing 14.41% last week, according to data obtained on November 15.
It’s worth noting that Van de Poppe’s cautious optimism comes amid other crypto experts acknowledging some positive signs for the future of the largest decentralized finance (DeFi) token — in 2023 and beyond — and expressing confidence that “Bitcoin will survive.”
Survived the crypto winter
Meanwhile, Tesla (NASDAQ: TSLA ) CEO and new Twitter (NYSE: TWTR ) owner Elon Musk, a long-term crypto supporter, is also confident that Bitcoin will make it through the crisis, but he warned that it will probably “be a long winter”.
In the meantime, Finbold has compiled the top tips for surviving this winter, as shared by former stockbroker Jordan Belfort, commonly known as “The Wolf of Wall Street.” The tips include setting a three to four year horizon for Bitcoin, focusing on BTC and Ethereum (ETH), as well as avoiding panic selling.
Disclaimer: The content of this page should not be considered investment advice. Investment is speculative. When you invest, your capital is at risk.
