Top BTC Analyst Explains Why Another Big Bitcoin Move is Imminent, Reveals the Key Support to Look Out for
In a recent video, prominent crypto analyst and trader Crypto Rover provided his perspective on why he expects another major price swing for Bitcoin in the near future. He also revealed the key support level he is watching closely that could make or break the next Bitcoin move.
“Bitcoin has been testing my support for over four times in a row right now, and I believe there’s going to be another big Bitcoin move happening anytime soon,” said Crypto Rover. He pointed to the formation of triangle patterns on the chart, indicating compressed volatility that is likely to break out.
Key Support Level
According to Crypto Rover’s analysis, the $40,600 to $40,700 zone is the most important area of support to monitor right now for Bitcoin. “The more times you’re going to test support, the more likely it is going to be that you’re actually going to be breaking below it,” he explained.
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Show more +Potential Breakout Directions
Crypto Rover discussed both bullish and bearish potential breakouts from the triangle patterns. On the upside, he sees Bitcoin hitting $42,400 if it can convincingly clear resistance. But he sees a bearish breakdown as more likely, with key support at $39,400 and especially $39,700, which he called “a very, very key level for Bitcoin.”
Trading Strategy Revealed
“I am looking to take another short,” stated Crypto Rover, adjusting his limit orders for shorting Bitcoin in the range of $39,700 to $39,800. This lines up with the major historical price point and support level he is monitoring closely.
Cautious on Volatility While noting significant liquidity entering the market across exchanges, Crypto Rover warned about still-elevated funding rates that indicate the potential for high volatility. “You still want to be very cautious trading this market,” he advised.
By outlining the formations on Bitcoin’s chart, support and resistance levels, liquidity trends and his own trading plans, the analyst paints a picture of another imminent high-volatility move likely to test the key $39,700 support in the days ahead.
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