Analyst says $42K must hold to keep Bitcoin price from sweeping its swing low
Bitcoin needs to hold $42,000 or it risks sliding as low as $32,000, according to crypto trader Eric Krown.
Bitcoin bulls continued to battle with bears near the $43,000 support level on Sept. 27 as China’s crackdown on all things cryptocurrency put a halt to last week’s positive price movements and has stifled growth into the day.
According to Eric Krown, a cryptocurrency trader and host of Krown’s Crypto Cave, what comes next for Bitcoin (BTC) really “depends on what timeframe you are talking about,” but he is currently focused on the more medium- to long-term outlook.
In the latest episode of “The Market Report” with Cointelegraph, the cryptocurrency trader indicated that for right now, “We are probably going to range around this low-$40,000 region” and suggested that he would “be looking at this potential reversal point right here” if BTC manages to hold on to $42,000.
If BTC fails to hold this support level, Krown indicated that the price could continue to fall for a while and drop “all the way to $32,000–$33,000, [filling] the CME gap from months ago.”
While this is one possible scenario, Krown suggested that he sees a more positive future for the price of Bitcoin as we enter the last quarter of 2021.
“I actually am a little bit more on the optimistic side here. I do think that whether Bitcoin has bottomed out right here and kind of spends some time just ranging here, or whether it comes down to $32,000–$33,000, I actually do think that end of year probably looks most likely fine.”
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