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Bitcoin price must hold this critical level to stop crashing further

Bitcoin price must hold this critical level to stop crashing further

As the recent crisis, directly caused by the decline of the crypto exchange FTX, continues to shake the cryptocurrency industry, analysts are looking at its effects on the largest digital asset – Bitcoin (BTC) – trying to ascertain the conditions for its recovery or continuing downfall.

According to one of these analyses, Bitcoin needs to hold the level at around $15,800, or it will continue to crash, possibly even down to $13,000, as the pseudonymous crypto expert known as Moustache explained on November 14.

In this expert’s opinion:

“If the bearish triangle breaks out to the downside, we will most likely see BTC back in the $13,000 dollar range.”

Bitcoin price action analysis. Source: Moustache

‘No bueno’?

In a separate tweet, Moustache also revealed that Bitcoin was still under the 0.75 line in the Mayer Multiple indicator, warning that the previous three times when it was rejected at this line, “it didn’t look very good for BTC.”

Bitcoin Mayer Multiple analysis. Source: Moustache

At the same time, crypto analyst Josh Rager also noted that the situation looked “no bueno for BTC at the moment” after the “stocks opened down and the dollar bouncing,” on November 14.

Positive signs after all?

That said, crypto trading expert Michaël van de Poppe observed that the markets were consolidating and that Bitcoin was trading better than he had originally thought it would by now, as he tweeted

“Would assume we’d be at $10K actually, after the terrible news we’ve receive past weeks.”

Indeed, the flagship crypto was at press time changing hands at $16,909, recording a modest recovery of 0.85% on the day while still losing 14.41% across the previous week, as per data retrieved on November 15.

Bitcoin 7-day price chart. Source: Finbold

It is worth noting that Van de Poppe’s careful optimism comes against the backdrop of other crypto experts recognizing some positive signs for the future of the largest decentralized finance (DeFi) token – in 2023 and beyond – and expressing confidence that “Bitcoin will survive.”

Surviving the crypto winter

In the meantime, Tesla (NASDAQ: TSLA) CEO and the new owner of Twitter (NYSE: TWTR), Elon Musk, who is a long-term crypto supporter, is also certain that Bitcoin will weather through the crisis, but he warned that it will probably “be a long winter.”

Meanwhile, Finbold has gathered the most important tips on surviving this winter, as shared by former stockbroker Jordan Belfort, commonly known as the “The Wolf of Wall Street.” The tips include setting a three- to four-year horizon for Bitcoin, focusing on BTC and Ethereum (ETH), as well as avoiding panic selling.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk. 

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