While Bitcoin (CRYPTO: BTC) continues to trade within a range, crypto traders DonAlt and Altcoin Sherpa have taken to X to share their thoughts on the cryptocurrency’s potential price action and the importance of key support levels.
What Happened: Altcoin Sherpa believes that Bitcoin is likely to continue trading within its current range, stating, "I’m of the opinion that we’re still going to trade in this range and still be totally ok." However, he emphasizes the significance of the next low, suggesting that if the price breaks down to the range low of $59,000 again, Bitcoin could experience a violent drop to $50,000.
Meanwhile, DonAlt frames the current market situation as a battle between a downtrend and a range reclaim. While he is currently on “team range reclaim,” he notes that the immediate retest of the range low is not a positive sign.
He warns that if Bitcoin starts losing the lows, "this will turn ugly fast," and advises traders to "be ready to parachute out if need be."
Also Read: Are Bitcoin Whales Buying The Dip With Less Enthusiasm?
Why It Matters: The insights shared by DonAlt and Altcoin Sherpa highlight the critical importance of key support levels in determining Bitcoin’s short-term price action.
DonAlt’s warning about a potential drop to $50,000 if the $59,000 range low is breached serves as a reminder of the volatility inherent in the crypto market and the need for proper risk management.
Similarly, Altcoin Sherpa’s advice to be prepared to exit positions quickly if the market turns against them underscores the importance of having a well-defined trading plan and the discipline to stick to it.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next: Despite Bitcoin Hitting $64K, Analyst Says King Crypto Remains In ‘Prime Buy Zone’
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image: Shutterstock
