Trader Issues Bitcoin Alert, Says BTC Will Nuke if Critical Support Zone Crumbles – Here Are His Targets

A closely followed crypto strategist is issuing a warning about Bitcoin (BTC) after the flagship digital asset dipped below the $60,000 range on Thursday.

Pseudonymous analyst Credible Crypto tells his 424,500 followers on the social media platform X that Bitcoin needs to hold $58,000 as support to avoid plummeting much further.

“All the people screaming at me for urging caution at the highs (again) you better pray $58,000-$59,000 holds or else it’s nuke city for Bitcoin baby.”

The analyst is also turning short-term bearish on Bitcoin. He suggests the top digital asset by market cap may hold the high $50,000s range as support, bounce back into the $60,000 range and then correct much lower.

“Right so this is the big question. Based on everything I am seeing I think a bounce from $58,000-$59,000 for one more push up (still under $70,000) would make a ton of sense – and this would give us the perfect chance to position across the board too. That being said, it doesn’t ‘have to’ happen of course, but it’s the ideal scenario before the larger drop I’m expecting.”

However, the founders of analytics firm Glassnode are expressing bullish sentiment for Bitcoin.

Jan Happel and Yann Allemann, who go by the handle Negentropic, tell their 63,400 followers on the social media platform X that Bitcoin whale accumulation indicates the flagship crypto asset is not in a bearish market.

“Whales keep accumulating Bitcoin. US inflation data came in higher than expected [Thursday], but whales are still hungry for Bitcoin. Both long-term holders and whales keep accumulating as exchange volumes drop. Even short-term holders are seeing some recovery. The takeaway: confidence in Bitcoin’s mid- and long-term performance is solid.”

Bitcoin is trading for $60,271 at time of writing, down slightly in the last 24 hours.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney