Key Level for Bitcoin’s Bull Market Success, According to Top Trader

A well-known crypto trader, The Flow Horse, has pinpointed $80,000 as a pivotal price level for Bitcoin (BTC), stating that how Bitcoin reacts to a potential rise to this mark will likely determine whether the current bull market continues.

He explained that if Bitcoin reaches $80,000 or comes close but fails to maintain that level, then falls back into its previous price range, it could signal a pause in the bull run.

While he acknowledges that Bitcoin could eventually surpass $100,000 over time, he emphasized that the path to that milestone is uncertain and depends on how the market behaves in the near term.

The Flow Horse also discussed the recent shift in market sentiment, noting that as the U.S. presidential election draws closer, many investors appear to be leaning toward a bearish outlook. He observed that risk appetite has decreased since betting markets showed a shift in odds, particularly surrounding Kamala Harris.

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Despite this, he believes the market is still positioned to test its highs, as the rally from late October had a strong buying push, suggesting large players were positioning before a breakout. However, he pointed out that perpetual contracts were recently trading at a discount, indicating that some investors are hedging their positions or possibly shorting the market as they assess risk-reward opportunities.

Furthermore, The Flow Horse stressed the importance of Bitcoin maintaining the $67,500 level as support to sustain its uptrend. He referred to this price point as a crucial level that aligns with a previous supply zone and a trendline shift. While a loss of this support wouldn’t invalidate the larger bullish trend, it would introduce more bearish pressure, making the market sentiment shift more negative.

Alexander Zdravkov

Alexander has been working in the crypto industry for three years, during which time he has established himself through his active participation in monitoring market dynamics and technological innovations. His interest in cryptocurrencies and new technologies is not just a professional commitment, but a deep personal passion. He follows the news in the sector daily, analyzes trends, and is excited about every new step in the development of blockchain solutions. His enthusiasm drives him to continuously learn and share knowledge, as he sees the future in digital finance and its role in global transformation.