A well-known cryptocurrency analyst has issued a warning that Bitcoin (BTC) may suffer significant losses if it falls below the $90,000 threshold.
The analyst, who goes by the name Cheds, has highlighted that Bitcoin is currently experiencing sideways movement, encountering clear resistance at $107,000 and finding support at $90,000.
However, Cheds has emphasized the importance of Bitcoin maintaining the $90,000 support level, as a failure to do so could lead to a sharp decline in its value.
Cheds has explained that if the $90,000 level is breached, the price of Bitcoin could easily plummet to the range of around $70,000. He is confident that if support is lost, Bitcoin could quickly drop to $74,000, or potentially even reach $72,000.
Cheds has further argued that there is little chance for Bitcoin to stabilize at intermediate levels such as $85,000 or $78,000 before reaching these lower levels.
The analyst has stressed the critical significance of the $90,000 price point, stating that its loss would severely disrupt Bitcoin’s current upward momentum and trigger a more substantial downturn without encountering any intermediate resistance.