He noted that the flagship crypto was showing promising signs so far, having already produced a wick below the $66,200 price level and returned above it. Related Reading: Brace For Impact: Court Orders Massive LUNC Burn As Part Of $4.5 Billion Settlement For Terraform Labs His accompanying chart showed that the Bitcoin price drop below $66,200 before the weekly close could lead to further breakdown below the $60,000 support level. Meanwhile, bear analyst CrediBULL Crypto predicted that the Bitcoin price could retest the $68,000 range to "bait in some final longs” before it suffers a "rug pull” to the $60,000 support level.
The analyst claimed that if the Bitcoin price holds this support, investors can expect a "heavy pump”, which could lead to a new all-time high (ATH). Related Reading: Analyst Says Dogecoin Price Looks Ready’, Predicts 5,202% Surge However, if the Bitcoin price fails to hold the $65,000 bullish channel, such a breakout to the downside would lead to a free fall to the $60,000 support level.
He further mentioned what market participants should expect if the flagship crypto holds above or breaks below this bullish channel. Bitcoin Price Retesting $65,000 And What Could Come Next MMBT Trader mentioned in a TradingView post that the $65,000 support zone is now the major daily support, and market participants can expect a valid retest of the channel breakout.
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