Top Trader Warns Bitcoin (BTC) Final Flush May Be in the Cards – Here’s His Outlook

Bitcoin 1 h    Reading time: ~2 m

A widely followed crypto strategist says Bitcoin (BTC) looks vulnerable to a sell-off event after losing a key price level.

Pseudonymous analyst Credible Crypto tells his 340,700 Twitter followers that he thinks Bitcoin is in a position to see one more leg down as it continues to trade below resistance at $27,000.

According to the trader, Bitcoin’s recent weakness could lead to a liquidation event that sees BTC trading below $25,000.

“A little more neutral now in terms of direction on BTC now – the RED level holds the key, in my opinion.

Reclaim it, bottom may be in.

Fail to reclaim, and we likely go for a flush of our lows into the GREEN line at $25,000 with some wicks lower depending on momentum/liquidations. This would be the final flush under $25,000 I have been mentioning in previous posts and vids that we haven’t been able to rule out yet.

Remember – a final flush is HEALTHY as long as we stay above $20,000-ish.”

Top Trader Warns Bitcoin (BTC) Final Flush May Be in the Cards – Here’s His Outlook0 Source: Credible Crypto/Twitter

At time of writing, Bitcoin is trading for $26,883, still below the trader’s key price area.

Credible Crypto holds a contrarian view that Bitcoin will likely witness a massive surge this year on its way to a fresh all-time high. In April, the trader predicted that Bitcoin will break the six-figure mark before the end of 2023.

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Updated: 05/23/2023 — 06:00

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