Bitcoin Strategist Outlines Path to Avoid Market Meltdown
- Bitcoin’s crucial support level was breached at $90,000, favoring bears.
- The next support line is at $72,000, crucial for avoiding a repeat of the 2021 collapse.
- In December 2021, Bitcoin fell below the SMA50 and lost about 66% of its value.
- A recovery above the SMA50 with a wick below could maintain bullish momentum.
- At present, Bitcoin trades at $75,795, down over 7% on the day.
Pseudonymous trader Cheds emphasizes that maintaining Bitcoin’s price above the $72,000 support level and recovering above the SMA50 is vital to prevent another significant downturn like in December 2021 when Bitcoin lost substantial value. Currently, Bitcoin’s price has decreased by more than 7%, trading at $75,795.
Source (2.6)https://dailyhodl.com/2025/04/07/crypto-trader-unveils-best-case-scenario-for-bitcoin-to-avoid-2021-style-market-meltdown/?rand=59076
