Bitcoin Crash: Analyst Says A Break Above This Level Will Trigger FOMO
06 August 2024 - 5:30AM
NEWSBTC
A popular Bitcoin analyst has suggested a key breakout point for
Bitcoin amidst a bearish market price action. While Bitcoin’s price
has been experiencing a downward trend, dynamics and movements over
the past few months have established several significant price
levels. These levels might offer traders valuable insights into
Bitcoin’s potential future actions. The $65,000 price mark is one
such level, and according to a crypto analyst, a break above it
should eventually trigger serious FOMO among market participants.
Break Above $65,000 The Bitcoin analysis in question was brought to
the attention of the cryptocurrency community on the social media
platform X by the pseudonymous analyst known as The Crypto Dog, who
boasts a substantial following of more than 804,000 followers. This
influential figure in the crypto space has highlighted one of the
most critical levels for Bitcoin’s price action, pointing
specifically to the $65,000 mark. Related Reading: Ethereum Crash A
Buying Opportunity? This Whale Thinks So Amidst the prevailing
market downturn, the $65,000 level has emerged as a significant
point of interest due to the recent consolidation of Bitcoin’s
price between the $60,000 and $70,000 range. This consolidation
suggests that traders are closely watching these levels for signs
of a potential breakout or further decline. The Crypto Dog has
noted that if Bitcoin can successfully break above the $65,000
threshold, it could potentially trigger a wave of Fear Of Missing
Out (FOMO) among market participants. This phenomenon, where
traders rush to buy an asset for fear of missing out on potential
gains, could create substantial buying pressure. Such a surge in
buying activity might provide Bitcoin with the much-needed momentum
to significantly break past the $70,000 mark. Being patient but I
think that might have been all of the dip. Break >$65k should
trigger serious FOMO The strength vs alts may be what’s needed to
push $70k+ pic.twitter.com/hBzpAh60P3 — The Crypto Dog 📈
(@TheCryptoDog) August 1, 2024 Current State Of Bitcoin The Bitcoin
price has started the new week on a more negative that many
expected. Bitcoin broke below $50,000 on Monday, August 5, around
6:30 UTC +0 for the first time since early February. At the time of
writing, Bitcoin is trading at $52,544 and is down by 13.20% in the
past 24 hours having rebounded at $49,500. The crypto is also down
by 24.30% in a larger seven-day timeframe. Related Reading:
Ethereum Price Crashes Below $3,000 As Revenues Drop To New Lows
With this recent action, Bitcoin has now broken below the
significant price range of $60,000 to put $50,000 in the spotlight.
A rebound just above $49,500 means that $50,000 is now the major
support level to monitor. As such, a notable break to the upside
from this level could kickstart a little FOMO among market
participants. However, $65,000 is still a significant level that
could make or break any upward rally. Featured image created with
Dall.E, chart from Tradingview.com
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