A prominent crypto analyst named Cheds has issued a warning that Bitcoin (BTC) could experience significant losses if its value falls below the $90,000 threshold.
Cheds pointed out that Bitcoin is currently moving sideways, with noticeable resistance at $107,000 and support at $90,000. However, he emphasized the importance of Bitcoin maintaining the $90,000 support level, as a failure to do so may lead to a sharp decline.
Cheds explained that if the $90,000 support level is broken, the price could easily drop to the range of low $70,000. He expressed confidence that if the support is lost, Bitcoin could quickly reach $74,000, or even potentially fall to $72,000.
Cheds also mentioned that there is little chance for Bitcoin to stabilize at intermediate levels such as $85,000 or $78,000 before reaching those lower levels.
The analyst stressed the critical significance of the $90,000 price point, noting that its loss would significantly disrupt Bitcoin’s current upward momentum and trigger a more substantial downturn without encountering any intermediate resistance.