A closely followed crypto trader believes $80,000 is now the most significant level for Bitcoin (BTC).
Pseudonymous trader The Flow Horse tells his 238,100 followers on the social media platform X that how Bitcoin handles a potential surge to around $80,000 may determine if the bull market continues.
“The biggest test for Bitcoin isn’t here, nor does it depend on which [US] President takes the seat. In my opinion, it’s all about the $80,000 handle. All systems should be ‘GO’ for an all-time high break. If the market tags a big number like that – or comes close but falls just short – and then drops back into the previous range, it’s curtains for a bit. Yeah, $100,000 plus over time, but the path there isn’t set in stone, and my decisions are somewhat path-dependent based on opportunity cost.”
The Flow Horse also told his Telegram channel that investors suddenly appeared to be leaning bearish heading into Election Day for the US president.
“Just to highlight a point I made over a week ago, at this percentage off the highs, there is really no reality in which we don’t take the highs at a minimum. So even though risk has come off a bit after the Kamala [Harris] odds shift on betting markets, I think you still have to keep that in mind…
Basically all of the risk and buying run up from October 26th to the high was taken off, and it kind of looks like it was one large player buying pre-breakout. Briefly during that period perps (perpetual contracts) were trading above the spot markets for the first time in months, and now we are back to them trading at a discount. I think you can assume after this recent spook, people are hedging off risk and possibly shorting since the RR (risk-reward) is great for HTF (high timeframe) shorts, given the invalidation is so close. The idea might not be attractive, but the fact that you can know you are wrong very quickly and closely is.”
He also believes Bitcoin needs to hold $67,500 as support to remain in an uptrend.
“I think you want to see the weekend lows maintain ($67,500). That level is the topside of a prior supply zone we flipped, and a trendline (memeline) we flipped as well. A lot of very simple momentum arguments hinge around these recent shifts, so not that a loss of it invalidates the bigger picture, but it probably does start to make the flow a bit more bearish.”
Bitcoin is trading for $74,839 at time of writing, up 9.2% in the last 24 hours.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Follow us on X, Facebook and Telegram
Generated Image: Midjourney
Read the full article here
