A popular Bitcoin analyst has suggested a key breakout point for Bitcoin amidst a bearish market price action. While Bitcoin’s price has been experiencing a downward trend, dynamics and movements over the past few months have established several significant price levels. These levels might offer traders valuable insights into Bitcoin’s potential future actions.
The $65,000 price mark is one such level, and according to a crypto analyst, a break above it should eventually trigger serious FOMO among market participants.
Break Above $65,000
The Bitcoin analysis in question was brought to the attention of the cryptocurrency community on the social media platform X by the pseudonymous analyst known as The Crypto Dog, who boasts a substantial following of more than 804,000 followers. This influential figure in the crypto space has highlighted one of the most critical levels for Bitcoin’s price action, pointing specifically to the $65,000 mark.
Related Reading
Amidst the prevailing market downturn, the $65,000 level has emerged as a significant point of interest due to the recent consolidation of Bitcoin’s price between the $60,000 and $70,000 range. This consolidation suggests that traders are closely watching these levels for signs of a potential breakout or further decline.
The Crypto Dog has noted that if Bitcoin can successfully break above the $65,000 threshold, it could potentially trigger a wave of Fear Of Missing Out (FOMO) among market participants. This phenomenon, where traders rush to buy an asset for fear of missing out on potential gains, could create substantial buying pressure. Such a surge in buying activity might provide Bitcoin with the much-needed momentum to significantly break past the $70,000 mark.
Being patient but I think that might have been all of the dip. Break >$65k should trigger serious FOMO
The strength vs alts may be what’s needed to push $70k+ pic.twitter.com/hBzpAh60P3
— The Crypto Dog 📈 (@TheCryptoDog) August 1, 2024
Current State Of Bitcoin
The Bitcoin price has started the new week on a more negative that many expected. Bitcoin broke below $50,000 on Monday, August 5, around 6:30 UTC +0 for the first time since early February. At the time of writing, Bitcoin is trading at $52,544 and is down by 13.20% in the past 24 hours having rebounded at $49,500. The crypto is also down by 24.30% in a larger seven-day timeframe.
Related Reading
With this recent action, Bitcoin has now broken below the significant price range of $60,000 to put $50,000 in the spotlight. A rebound just above $49,500 means that $50,000 is now the major support level to monitor. As such, a notable break to the upside from this level could kickstart a little FOMO among market participants. However, $65,000 is still a significant level that could make or break any upward rally.
Featured image created with Dall.E, chart from Tradingview.com