A closely watched crypto trader believes that $80,000 is now the key level for Bitcoin (BTC).
Pseudonymous trader The Flow Horse tells According to its 238,100 followers on social media platform
“The biggest test for Bitcoin is not here, and it doesn’t depend on which one [US] The president takes his seat. In my opinion, it’s all about the $80,000 handle. All systems must be ‘GO’ for a record high. When the market tags a big number like that – or comes close, but just falls short – and then falls back to the previous range, there’s a lull. Yes, over $100,000 over time, but the path to get there is not set in stone, and my decisions are somewhat dependent on the path, based on opportunity cost.”
Also the Flow horse told According to his Telegram channel, investors appeared to be suddenly bearish heading into election day for the US president.
“Just to emphasize a point I made over a week ago: with this percentage off the highs, there’s really no reality in which we’re not at least taking the highs. So even though the risks have decreased somewhat after the Kamala [Harris] odds change on betting markets, I think you still have to take that into account…
Basically all risk and buying run-ups to the high have been removed from October 26th, and it kind of looks like it was one big player buying before the breakout. During that period, perps (perpetual contracts) traded above spot markets for the first time in months, and now we’re back to them trading at a discount. I think after this recent specter you can assume people are hedging risks and possibly shorting as the RR (risk-reward) is great for HTF (high timeframe) shorts given the invalidation is so close. The idea may not be attractive, but the fact that you can know very quickly and accurately that you are wrong is.”
He also believes that Bitcoin needs $67,500 as support to stay in an uptrend.
“I think you want the weekend lows to hold ($67,500). That level is the top of a previous supply zone that we reversed, and a trendline (memeline) that we also reversed. There are a lot of simple momentum arguments surrounding these recent shifts, so not that losing them negates the bigger picture, but it will probably make the flow a bit more bearish.”
Bitcoin is trading at $74,839 at the time of writing, up 9.2% in the past 24 hours.
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