“This could get ugly”: Analyst says Bitcoin could lose important support level and dive lower – here are his targets

A widely followed cryptocurrency trader is warning that Bitcoin (BTC) could suddenly collapse if it loses a key support level.

The pseudonymous trader known as Altcoin Sherpa tells his 239,300 followers on social media platform $.

He also says Bitcoin could remain bearish until the US government decides what it will do with Bitcoin seized from the Silk Road darknet market after reports this week that it was legally allowed to sell more than 69,000 BTC.

“BTC: Maybe we’ll just see endless TWAP (time weighted average price) selling for now and no bidders until this stupid government sale is over. If people are over-indebted, the situation could get worse if we lose about $90,000. Hoping we can absorb it, but not feeling very confident. I wouldn’t be very surprised if we hit mid to low $80,000 levels in some scenarios.

Bitcoin is trading at $94,776 at the time of writing, up 2.8% in the last 24 hours.

The analyst also weighs in on the memecoin Fartcoin (FARTCOIN) based on Solana (SOL). It suggests that FARTCOIN could fall by more than 28% from its current value based on Fibonacci retracement levels.

“FARTCOIN market structure: still bearish but I’m still there. Looking to buy a little more in the $0.80 and $0.60 regions if they come.

FARTCOIN is trading at $0.84 at the time of writing, down 2.4% in the last 24 hours.

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