Well-known trader: $76,000 is a key support level for Bitcoin; still believes the bull market will continue
Well-known trader Doctor Profit said that although Bitcoin lost the daily EMA50 and MA50 support in the $80,000–$81,000 range following this black swan event, it remains within its bullish fractal structure. He emphasized that $76,000 is a key support level, and that a breakout above this area previously confirmed the start of the bull market. A breach would deal a severe blow to bulls and carry a significant risk of a further drop to $67,000–$69,000; as long as $76,000 holds, he believes there is no need to panic for now. He sees the recent price action as a major shakeout that triggered massive liquidations and panic selling, and still believes the bull market will continue. He said he is still holding his long position opened at $80,400, as well as all his spot holdings purchased at $60,000. If Bitcoin falls below $76,000, he will admit that his recent bullish call in the $80,000–$81,000 range was wrong, but he will not turn bearish as a result, and will continue to view the current move as a shakeout before the next rally.
Well-known trader Doctor Profit said that although Bitcoin lost the daily EMA50 and MA50 support in the $80,000–$81,000 range following this black swan event, it remains within its bullish fractal structure. He emphasized that $76,000 is a key support level, and that a breakout above this area previously confirmed the start of the bull market. A breach would deal a severe blow to bulls and carry a significant risk of a further drop to $67,000–$69,000; as long as $76,000 holds, he believes there is no need to panic for now. He sees the recent price action as a major shakeout that triggered massive liquidations and panic selling, and still believes the bull market will continue. He said he is still holding his long position opened at $80,400, as well as all his spot holdings purchased at $60,000. If Bitcoin falls below $76,000, he will admit that his recent bullish call in the $80,000–$81,000 range was wrong, but he will not turn bearish as a result, and will continue to view the current move as a shakeout before the next rally.