'Line In The Sand' Will Make Or Break Bitcoin's Bull Market, Top Traders Say

Bitcoin’s BTC/USD recent plunge below $60,000 has sparked debate among crypto traders about the state of the bull market and how to approach trading in the current environment.

What Happened: In their recent Casual Friday podcast episode, prominent crypto traders DonAlt and Crypto Cred discussed the implications of Bitcoin’s drop from its all-time highs near $70,000 to lows around $54,000. This was the first time in many attempts that the “$60k FUD worked,” noted DonAlt, referring to bearish sentiment around that key psychological level.

This breakdown marks a significant shift in market structure and sentiment. “It’s quite extraordinary,” remarked DonAlt. “In previous cycles, if crypto was in a bull market, everything listed on centralized exchanges would go up in unison for weeks and months. Now we’re seeing much more dispersion in performance.”

“If you picked incorrectly, not only have you underperformed, but you just like weren’t in the bull market at all,” he continued and attributed this to the proliferation of new tokens and coin generation mechanisms compared to past cycles.

Also Read: Spot Ethereum ETFs Could Launch In A Week Or Two, Says ETF Analyst Nate Geraci: ‘How Quickly Will SEC Turn These Around?’

Why It Matters: The traders debated key price levels to watch, with $60,000 emerging as a critical “line in the sand.” Reclaiming that level could signal renewed bullish momentum, while a failure to do so may lead to further downside.

For those looking to trade, the analysts suggested either waiting for a clear breakout above $60,000 or targeting deeply discounted support levels around $40,000-$47,000 if reached. They cautioned against aggressively buying small dips in the current environment.

“I think a lot of people are hoping for strength and positioning as such, but it’s not really anything that the market is giving right now,” DonAlt concluded.

The consensus was that patience will be rewarded, whether that means waiting for a decisive recovery to previous highs or a deeper pullback to stronger support levels.

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:

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

Image created using artificial intelligence with Midjourney.