Crypto Analyst Warns Bitcoin Faces Potential Drop to $65,000 as Market Weakness Emerges

A popular crypto analyst is sounding the alarm on Bitcoin (BTC) as it hovers around the $69,000 mark.

Credible Crypto, a trader with a following of 433,500 on X, warns that Bitcoin could drop to $65,000 soon. If it falls below that level, it might indicate a bearish trend is starting.

“Despite the unexpected strength in BTC, it still looks weak behind the scenes,” he says. “At $70,000, you really want to see a bounce between here and $65,000 to keep those bullish dreams alive.”

He believes that if Bitcoin can hold onto the $65,000 support, it might even rise to $74,000.

“Here we go. We’re now testing the ‘must hold’ area for bulls, which is between $65,000 and $69,000. Losing this area confirms a deviation. Holding it allows for a shot at the last set of untapped highs above us,” he explains.

Additionally, he notes that Bitcoin’s recent move above $71,000 doesn’t show the signs of a strong market trend.

“I thought breaking $71,000 would be bullish. I figured we wouldn’t break those highs until we saw our next big push toward $100,000. Instead, we broke those highs in a corrective way, with record high leveraged longs in our range and spot fading the move,” he adds. “Impulsive price action is what we get with sustained moves to the upside. Perpetual futures-driven moves, mixed with corrective movements, are not impulsive.”

As of now, Bitcoin is trading at $69,708.