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Bitcoin Is Headed For $40,000: Analyst Reveals The Best Time To Buy BTC
TL;DR
A crypto analyst warns against buying Bitcoin (BTC) at current highs, predicting a potential market bottom near $40,000. He highlights significant sell pressure in the $83,000-$88,000 range, suggesting further declines could follow.
Key points
- Analyst warns against buying Bitcoin at new highs
- Potential market bottom for Bitcoin near $40,000
- Significant sell pressure in the $83,000-$88,000 range
- Key resistance levels identified at $83,435, $84,647, and $89,797
- Current phase may lead to further declines
A crypto analyst has warned against giving in to the FOMO and buying Bitcoin (BTC) at new highs. He noted that although the cryptocurrency could continue its upward move and even push past $80,000, this does not necessarily signal the end of the broader bear market. Instead, he argues that the move could be a strong distribution phase, leading to further declines. He also projects that Bitcoin could still experience a deeper correction, with a potential market bottom forming near $40,000.
Analyst Warns Against Buying BTC At $85,000
@Sherlockwhale, a crypto market analyst on X, is sounding the alarm for traders who believe Bitcoin could glide smoothly past the $83,000-$88,000 price range without encountering resistance. According to him, this zone exhibits more sell pressure than any other level in BTC’s current chart structure.
The analyst based his view on a broader Fibonacci retracement structure drawn from Bitcoin’s past move between $97,000 and $60,000. He described this range as a full impulse wave to the downside, followed by a recovery phase where the price has been making higher rebounds but still facing sharp pullbacks.
From this structure, @Sherlockwhales identified key upside levels on BTC’s chart at $83,435 (0.618 Fib), $84,647 (0.65 Fib), and $89,797 (0.786 Fib). He noted that this cluster forms a major untested resistance zone on Bitcoin’s weekly chart. According to him, untested resistance areas like these tend to attract heavier sell pressure because traders who bought at those levels are still underwater and may look to exit as the price returns toward breakeven.
Source: Chart from @Sherlockwhales on X
Q&A
What is the predicted price bottom for Bitcoin according to analysts?
Analysts project that Bitcoin could form a market bottom near $40,000.
Why should traders avoid buying Bitcoin at $85,000?
Traders are advised against buying Bitcoin at $85,000 due to significant sell pressure in that price range.
What key resistance levels did the analyst identify for Bitcoin?
The analyst identified key resistance levels for Bitcoin at $83,435, $84,647, and $89,797.
What does the analyst say about the current Bitcoin market phase?
The analyst suggests that the current upward movement could be a distribution phase, potentially leading to further declines.
