A well-known cryptocurrency trader, Bitcoin $94,343.8He warned that if (BTC) loses an important support level, there could be a sudden drop in its value.
Bitcoin’s Support Level
The trader, known as Altcoin Sherpa, told his 239,300 followers on social media platform X that if Bitcoin falls below the support level of $90,000, the value could drop to around $80,000.
Trader stated that the US government’s decisions regarding Bitcoins seized from the Silk Road darknet market may cause the negative effects on the Bitcoin market to continue. He pointed out that this situation could make it difficult for Bitcoin to recover.
Fartcoin Analysis
The analyst suggested that Solana-based memecoin Fartcoin (FARTCOIN) could fall over 28% from its current value in line with Fibonacci retracement levels. He stated that FARTCOIN’s market structure is still in a downward trend.
“BTC: maybe for now we will see an endless Time Weighted Average Price (TWAP) sell-off and no buyers will be found until these stupid government sell-offs are over. If people are overly leveraged, the situation could worsen if we lose the $90,000 level. We hope to be able to absorb this situation, but we are not so sure. “We wouldn’t be surprised if it goes below $80,000 in some scenarios.” – Altcoin Sherpa
Bitcoin is currently trading at $94,776, up 2.8% in the last 24 hours.
FARTCOIN is currently trading at $0.84 and has decreased by 2.4% in the last 24 hours. The analyst stated that he is considering some more buying in the $0.80 and $0.60 regions.
The analyst also pointed out that if Bitcoin remains below the support level, the market in general may be negatively affected and recommended that investors be careful.
Considering the volatile nature of Bitcoin and other cryptocurrency markets, it should be noted that the market may fluctuate rapidly if support levels are broken.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
