Bitcoin Breaks $72,000, But Trader Warns Bears Could Strike Back

Pseudonymous analyst CrediBULL Crypto highlighted that Bitcoin’s BTC/USD break of $71,000 might not indicate a sustained bullish trend.

What Happened: The analyst described the move as "corrective" rather than impulsive on his X profile, emphasizing that context is essential: "I did think a break of $71,000 would be bullish as I assumed that we would not break those highs until we saw our next impulse to the upside to ignite the rally to $100,000.”  

The analyst also noted that the break happened with record high leveraged longs fueling the move, pointing out that context is crucial in understanding these movements.

He continued his analysis, saying that moves driven by leverage are not impulsive. CrediBULL cautioned his followers about, “You break the range highs without impulsive price action […] Be cautious.”

Also Read:  Bitcoin Spikes Above $68,000: These Macro Indicators Are Key To New All-Time Highs

Why It Matters: CrediBULL emphasized that breaking a key price level alone doesn't indicate a bullish market; the movement's context and strength are crucial. For those who remain bullish, he suggested long retests of $65,000-$69,000, although he personally isn’t interested in doing so at the moment.

Whale trader Eugene Ng Ah Sio shared his trading journey for the month of October, showing a net profit of $8.8 million for the month. He warned that the next two weeks may prove volatile for both shorts and longs, saying “both longs and shorts are going to be hurt real bad.”

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: 

• Bitcoin Looking At A ‘Very Bullish Setup’ Ahead Of US Election, Industry Expert Says

Image: Shutterstock