[Analysis] Bitcoin Support Seen at $76,000; Break Could Send It to $67,000
Summary
- Doctor Profit said the risk of a drop in Bitcoin to $67,000-$69,000 would increase if it falls below the $76,000 support level.
- He said the latest plunge was temporary selling driven by large-scale liquidations and fear, and that the Bitcoin bull market remains intact.
- He also stressed that there is no need to panic if Bitcoin holds the $76,000 level, adding that he sees the latest decline as a correction before the next rally.
Forecast Trend Report by Period
Bitcoin tumbled in the aftermath of the Binance hack, making the $76,000 support level a key determinant of its next move. If that level gives way, the cryptocurrency could extend its decline into the $60,000 range.
Digital-asset trader Doctor Profit wrote on X, formerly Twitter, on October 31 that the risk of a drop to $67,000 to $69,000 would rise if Bitcoin falls below $76,000.
Still, he said the broader Bitcoin bull market remains intact. In his view, the latest plunge was temporary selling driven by large-scale liquidations and fear, with Bitcoin still moving within its existing bullish pattern.
He added that there is no need to panic if Bitcoin holds the $76,000 level. He sees the latest decline as a correction before the next rally.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.