Bitcoin has once again managed to break through the $69,000 mark and marks an important milestone with a new all-time high. The recent daily close above the previous all-time high represents a convincing breakthrough that is cause for celebration for those who have persevered. However, as expected, this success comes with a setback.
The largest cryptocurrency has a few key levels where it tends to find support when its price falls. According to analyst Sami, the first value is between $68,800 and $69,500. If the price falls more, another support area lies around $65,800, shown in a yellow box. And there is another strong support at $63,000, which has been important since 2021. Even if the price of Bitcoin drops sharply, it is still good to think positively about its long-term future. A drop to around $40,000 could be scary, the analyst said.
However, while discussing Bitcoin's recent price movements, analyst Eric Krown Crypto noted a quick correction below $70,000. He proposed a statistical model based on an indicator that has shown a 50% win rate over 14 years.
Eric also stated that Bitcoin has the potential to reach $77,000 due to the current situation. He emphasized the importance of risk management, especially with strategies like this that may have a lower hit rate. He mentioned that a close below $70,000 could indicate a trend reversal and potentially lead to further downtrend.
Turning to technical indicators, Eric pointed out the HPDR bands on the daily time frame, suggesting a possible sideways to upward move as long as Bitcoin remains above certain levels. He also discussed the importance of daily statistics and pointed to the historical trends of Bitcoin price movement on Wednesday.
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