Analysis: Bitcoin’s Key Support Is $76,000; Break Below Could Send It to $67,000
Summary
- Doctor Profit said the risk of Bitcoin falling to $67,000 to $69,000 would rise if it drops below the $76,000 support level.
- He said the latest plunge was a temporary selloff driven by large-scale liquidations and fear, and that the Bitcoin bull market remains intact.
- He also said that if Bitcoin holds the $76,000 level, the latest decline should be seen as a correction before the next advance, and that he remains confident the bull market will continue.
Forecast Trend Report by Period
Bitcoin tumbled in the aftermath of the Binance hack, putting the $76,000 support level at the center of its next price move. If that level breaks, the cryptocurrency could extend its decline into the $60,000 range, according to market analysis.
On Oct. 31, digital-asset trader Doctor Profit wrote on X, formerly Twitter, that if Bitcoin falls below $76,000, the risk of a drop to $67,000 to $69,000 would rise.
Still, he said the broader Bitcoin bull market remains intact. He described the latest plunge as a temporary selloff driven by large-scale liquidations and fear.
Bitcoin remains within its existing bullish pattern, he wrote, adding that he is confident the uptrend will continue.
He also said there is no need to panic if Bitcoin holds the $76,000 level. In his view, the latest decline is a correction ahead of the next advance.
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