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.
639 Total views 37 Total shares Listen to articleBitcoin 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.
Krown said:
“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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