Bitcoin Price To Possibly Fall Into A Trap; Analyst says ‘Be Prepared’

On Crypto Banter’s The Sniper Trading Show, the analyst warned about the upcoming market moves like relief bounces and traps in liquidation pools, pointing out critical Bitcoin levels such as $65,000 and $70,000. Stressing the need to consider longer timeframes, he reaffirmed their bullish stance, noting their commitment since Bitcoin was at $10,000 in 2020 and $33,000 the same year. 

The analyst discussed the Fear and Greed Index, noting it was currently at 28. He explained how this index reflects market sentiment, with lower levels indicating fear and potential buying opportunities, while higher levels suggest greed and higher prices. Referring to historical patterns, he pointed out that similar low index levels in the past often preceded market rebounds and significant price increases. 

Recent Developments and Critical Levels

Moving on to Bitcoin dominance, he noted a slight decline, which could signal a positive trend for altcoins, potentially leading to significant gains if the market sentiment turns bullish.

He also discussed the possibility of Bitcoin entering a range or falling into a trap that could liquidate long positions, leading to rapid market activity. He stressed the importance of being prepared for various scenarios in the upcoming week. 

Future Market Speculation

Explaining recent market movements, the analyst noted that Bitcoin had recently dropped below an important trend line, shown  by a green candle now positioned below it. He spoke about a critical price zone, historically a support level at $60,000 to $61,000, which had now flipped to resistance after being held for a long time. This shift, he explained, indicated a change where previous support levels now act as barriers to further price increases.

He speculated on potential market movements later in the week, suggesting that if Bitcoin manages to hold above $60,000 and push through, it could quickly rise back into the mid-$60,000 range. He described this scenario as potentially catching out those who exited the market too soon, capitalizing on fear and uncertainty.