Here’s the Critical Support Bitcoin Must Hold to Avoid a Freefall

Top crypto expert Altcoin Sherpa has cautioned traders about Bitcoin’s current position as it trades near $94,000.

According to the strategist, Bitcoin’s monthly chart shows mixed signals, with the asset losing about 13% from its recent all-time high earlier this month. He describes the situation as “neutral,” emphasizing that the market’s direction remains uncertain with only a few days left in the month.

The trader suggests that Bitcoin might continue to fluctuate within the $92,000 to $99,000 range until a decisive trend emerges. He advises against opening long or short positions in this zone to avoid unnecessary losses.

Sherpa also highlights the risk of Bitcoin dropping below the $92,000 support level. If this happens, he warns that the next likely target could be in the $80,000 range, though he isn’t firmly predicting this outcome yet. He notes that repeated tests of support zones weaken their strength over time, making it critical to monitor Bitcoin’s reaction at the current support level.

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Despite the cautious outlook, the analyst outlines a bullish scenario where Bitcoin could dip to $86,000 before staging a dramatic rally to a new all-time high of $111,000. He predicts this could trigger an intense altcoin surge, dubbing it a “moon mission.” For now, he remains optimistic and maintains his long position.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.