Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Top Trader Says $80,000 the ‘Biggest Test’ for Bitcoin (BTC) – Here’s Why

Top Trader Says $80,000 the ‘Biggest Test’ for Bitcoin (BTC) – Here’s Why

Daily HodlDaily Hodl2024/11/05 16:00
By:by Daily Hodl Staff

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

Check Price Action

Follow us on X , Facebook and Telegram

Surf The Daily Hodl Mix

Generated Image: Midjourney

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

1MCHEEMSUSDT now launched for futures trading and trading bots

Bitget has launched 1MCHEEMSUSDT for futures trading with a maximum leverage of 20, along with support for futures trading bots, on November 25, 2024 (UTC+8). Welcome to try futures trading via our official website (www.bitget.com) or Bitget APP. 1MCHEEMSUSDT-M perpetual futures: Parameters Details

Bitget Announcement2024/11/25 09:01

Token listing: Instantly buy/sell BTC with EUR & BRL via cash conversion!

Bitget users can now instantly buy or sell BTC with EUR or BRL balances via cash conversion! Buy/Sell Crypto Tips: Enjoy a transaction fee rebate in USDT on your first cash conversion transaction! Additional perks >>> Flash Monday: Buy crypto with a credit/debit card for zero fees >>> Flash Thursda

Bitget Announcement2024/11/25 08:12