What's Next For Bitcoin? 'Significant Bounce' Or 'Nasty Impulse Down,' Traders Say

Bitcoin's BTC/USD downwards momentum prompted traders to debate what is next for the apex crypto.

What Happened: Trader DonAlt outlined his concerns about Bitcoin's future emphasizing that it is at a crucial weekly level. He adds that he is not optimistic about another test of the $60,000 range low and believes that if Bitcoin breaks its current level, it will likely drop to the next support level. However, if it holds, new all-time highs could be on the horizon.

He also mentioned that Bitcoin is at a “do-or-die” weekly level on the chart and has already been breached, leading him to lean towards a bearish outlook, saying "I was aggressively short for a while and now I’m just moderately short."

Another trader, Cold Blooded Shiller, pointed out that Bitcoin is diverging on the 4-hour chart, suggesting that this could be the final low. He warned, "If BTC fails to hold this low the impulse down is going to be nasty."  However, he added that longing Bitcoin at this point could provide some of the best risk-reward for a more significant bounce.

Also Read: This Bitcoin Whale Pocketed $30M With Just 2 Trades

Why It Matters: This analysis suggests that Bitcoin is at a critical point, and its ability to hold its current low will determine whether it experiences a jump or a steep decline.

Both traders have given contrarian views, highlighting the need for investors to stay informed and vigilant about the crypto market’s uncertainty.

IntoTheBlock data noted a surge in transactions greater than $100,000 from 6,794 on June 19 to 7,238 on June 20, with exchange flows and daily active addresses growing as well.

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: Why The Bitcoin, Ethereum, Solana Pump Is ‘Delayed’

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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