Even though Bitcoin (BTC) has reached the ATH level, a closely-followed crypto trader thinks it can still drop below $55,000 before BTC rises.
Bitcoin drop could be an opportunity
The crypto analyst known as Cantering Clark says price areas around $55,000 and $65,000 could be key entry levels for Bitcoin (BTC) investors looking for an entry point:
As long as the volatility continues and capital disperses in a meaningful way, these are two areas where I can get really aggressive. If the fall scares you, look for a similar build in February.
The crypto trader adds that he waits for Bitcoin to decide between another retest or a spike before entering another position:
My position: Not swing trags until the ATH retracement for BTC. Unless Bitcoin retraces this level or breaks down to test a significant level, the focus can only be on lower timeframe activity.
Cryptocoin. com Cantering Clark, whose analysis we share, is predicting a possible decline around $ 55,000, emphasizing the declining performance of Bitcoin (BTC) after briefly breaking the previous all-time high of about $ 64,000. For this, the analyst says:
One problem with Bitcoin in particular is that everyone looks at previous cycle behavior to confirm current behavior in something more than a decade old. After going through changes in context and regimen, you should expect new things to happen. For example, a lackluster ATH break. If a level is seen as very important by the market, the amount of reaction and participation at that level should be significant.