A well-known cryptocurrency trader has recently issued a stark warning about the potential for Bitcoin‘s value to drop significantly if it breaches an important support level. The trader, widely recognized as Altcoin Sherpa, conveyed this message to their 239,300 followers on social media, emphasizing that falling below the pivotal price point of $90,000 could lead to Bitcoin trading as low as $80,000.
What Is Bitcoin’s Current Support Level?
Sherpa highlighted that the ongoing impact of Bitcoin sales linked to the Silk Road darknet marketplace by the U.S. government could exacerbate the situation. He believes that these sales may impede Bitcoin’s attempts to recover its value.
What About Fartcoin’s Price Trends?
In addition, Sherpa analyzed the Solana-based memecoin Fartcoin (FARTCOIN), predicting it might plummet by over 28% based on Fibonacci retracement analysis. He pointed out that FARTCOIN’s market dynamics are still trending downwards.
Sherpa expressed concerns about the possibility of constant selling pressure until the governmental sales of Bitcoin cease. He stated, “Losing the $90,000 level could complicate matters further, and a drop below $80,000 wouldn’t be unexpected.”
- Bitcoin is currently priced at approximately $94,776, showing a 2.8% rise in the last day.
- Fartcoin is trading at $0.84, reflecting a 2.4% decrease.
- There are plans to consider buying at levels around $0.80 and $0.60.
The current market conditions indicate a cautious approach is essential, as a fall below the support level could trigger significant volatility across the cryptocurrency landscape.
