A popular crypto strategist is warning that Bitcoin (BTC) is trading at critical levels, signaling a high risk for a deeper correction.
Pseudonymous trader Altcoin Sherpa tells his 242,800 followers on the social media platform X that Bitcoin must hold $76,600 as support to remain bullish.
Other key levels the analyst is watching closely are $77,903 and $78,197.
“Do or die levels for BTC.”
The analyst warns that if Bitcoin closes below $76,000 on the three-day chart, the flagship crypto will likely revisit the mid-$60,000 range.
“We close below that wick at $76,000 on HTF (high timeframe) and I think we go to mid-$60,000s quickly if we don’t rebound near immediately after. It’s not a bad R:R (risk:reward) spot for a long around here but obviously a bit dangerous.”
According to the analyst, whether Bitcoin may rally without retesting the $60,000 range may be decided any moment now.
“Current region hopefully holds but overall market structure is ugly. High $60,000s still on the table for BTC, but the next few days should be quite telling.”
He also says that Bitcoin may be stuck in a low-volume trading gap in the near term.
“Volume profile shows a lack of activity in the $71,000-$82,000 region; wouldn’t be surprised to see price chop around here for a while to fill it out. I had this theory a while ago.”
Bitcoin is trading for $82,400 at time of writing, up 7.6% in the last 24 hours.
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