Based

Overnight

Bitcoin

Bull Flag

Epic

<p>Crypto analyst <a href="https://twitter.com/rovercrc/status/1747609213738656059?t=NzWtkXj9E_mEhJZ2hA6Qtw&amp;s=19" target="_blank" rel="noopener noreferrer nofollow">Crypto Rover</a> recently posted a chart showing a key support line for Bitcoin that, if broken, could spell trouble for the cryptocurrency. However, other analysts encourage investors to “buy the dip” no matter what happens.</p>
<p><strong>Crypto Rover’s Warning </strong><br>In his tweet, Crypto Rover points to a support line that Bitcoin has been trending along since October. This line connects multiple price bounce points starting around $33,000 and running up to around $42,000 at the time of his post.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="526" src="https://captainaltcoin.com/wp-content/uploads/2024/01/image-504-1024x526.png" alt="" class="wp-image-423684" srcset="https://captainaltcoin.com/wp-content/uploads/2024/01/image-504-1024x526.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-504-300x154.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-504-768x394.png 768w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-504-1536x788.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-504-2048x1051.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-504-292x150.png 292w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-504-100x51.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-504-682x350.png 682w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-504-788x404.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-504.png 900w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
<p>As Crypto Rover explains, “If #Bitcoin breaks this support line, we are so f*cked…” The implication is that the support line has propped up and reinforced Bitcoin’s price over the past few months. If the price breaks below the line, Bitcoin could experience a steep drop without that underlying support.</p>
<p>Based on the chart he shared, a break below the support line could send Bitcoin back towards the $33,000 level from October 2023. For an asset that is trading at $42,000 a retracement back to $33,000 would represent a significant hit.</p>
<p><strong>Stay Calm and Buy the Dip </strong><br>However, not all analysts see a potential drop below the support line as a reason to panic. Popular analyst <a href="https://twitter.com/CryptoMichNL/status/1747676873893580912?t=xIk-QACOMVeIiwo4Ok1jaA&amp;s=19" target="_blank" rel="noopener noreferrer nofollow">Michaël van de Poppe</a> tweeted an encouragement to investors to avoid getting caught up in market sentiment. Instead, he recommends a simple strategy: “Buy the dip.”</p>
<div class="wp-block-rehub-colortitlebox rh-colortitlebox" style="text-align:left;border-radius:5px;box-shadow:0 10px 10px #00000007;background-color:#fafafa;color:">
 <div class="rh-colortitle-inbox" style="background-color:var(--rehub-main-color);color:#fbfbfb;border-radius:5px 5px 0 0"><i class="rhicon rhi-bolt-regular rh-colortitlebox-icon" style="color:"></i>
  <div class="rh-colortitle-inbox-label">
   Transform Hundreds Into Millions With the Magic of Memecoins – think $BONK, but bigger! <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f92b.png" alt="🤫" class="wp-smiley" style="height: 1em; max-height: 1em;">
  </div>
 </div>
 <div class="rh-colortitlebox-text">
  <style scoped>.rh-toggler-open{height:auto !important}
.rh-toggler-open .rh-tgl-show, .rh-toggler-open .rh-tgl-grad{display:none !important}
.rh-toggler-open .rh-tgl-hide{display:block !important}
.rh-tgl-show, .rh-tgl-hide{cursor:pointer}
.rh-contenttoggler *{box-sizing: border-box !important}
.rh-toggler-wrapper{overflow: hidden;transition: all 0.5s ease; padding-bottom: 35px; margin-bottom:30px;box-sizing: content-box !important;position: relative;}
.rh-toggler-wrapper p:last-of-type {margin-bottom: 0;}</style>
  <div class="wp-block-rehub-contenttoggler rh-contenttoggler" data-height="100px">
   <div class="rh-toggler-wrapper" style="height:100px">
    <p>The key? Getting in early, especially during the IDO phase. <strong><a href="https://captainaltcoin.com/go/ll_inside/" target="_blank" rel="noopener noreferrer nofollow">Get in on NuggetRush</a></strong> now! This innovative memecoin blends play-to-earn gaming with real-world gold mining. Join soon to take advantage of the<strong><a href="https://captainaltcoin.com/go/ll_inside/" target="_blank" rel="noopener noreferrer nofollow"> current ICO prices</a></strong>!</p> <span class="rh-tgl-trigger" style="text-align:center;position:absolute;z-index:2;bottom:0;left:0;width:100%;color:"><span class="rh-tgl-show" style="display:block">Show more +</span><span class="rh-tgl-hide" style="display:none">Show less –</span></span><span class="rh-tgl-grad" style="background-image:linear-gradient(to bottom,rgba(255,255,255,0) 0,#ffffff 100%);display:block;position:absolute;height:100px;bottom:0;left:0;z-index:1;width:100%"></span>
   </div>
  </div>
 </div>
</div>
<p>As van de Poppe points out, the market often defies expectations. When assets like Bitcoin hit new highs, many expect the rise to continue. Conversely, when prices fall dramatically, some predict even further declines.</p>
<p>But these sentiment swings often mark major buying or selling opportunities. As van de Poppe explains, “The markets are always surprising everyone.” Rather than following the prevailing narrative, he advocates buying during price declines to take advantage of temporary fear and weakness.</p>
<p>So if Bitcoin does indeed break the support line highlighted by Crypto Rover, van de Poppe would likely see it as a prime “buy the dip” opportunity. By maintaining a contrarian posture, investors can target ideal entry points even amidst market turbulence.</p>
<p>Time will tell whether Bitcoin holds above the key support line. But whatever happens next, the perspectives from Crypto Rover and van de Poppe underscore the diversity of thought within the crypto community. While some focus on warning signs in the charts, others keep the long-term picture in mind. Both viewpoints serve a purpose for investors looking to navigate an exceptionally volatile asset class.</p>
<p>You may also be interested in:</p>
<ul>
 <li><a href="https://captainaltcoin.com/overnight-millionaires-how-4-traders-cashed-in-big-on-this-meme-coin/" target="_blank" rel="noopener noreferrer nofollow">Overnight Millionaires: How 4 Traders Cashed In Big On This Meme Coin</a></li>
 <li><a href="https://captainaltcoin.com/analyst-suggests-solana-sol-could-reach-this-level-following-bull-flag-breakou/" target="_blank" rel="noopener noreferrer nofollow">Analyst Suggests Solana (SOL) Could Reach This Level Following Bull Flag Breakout</a></li>
 <li><a href="https://captainaltcoin.com/is-dogecoin-doge-preparing-for-an-epic-rebound-after-holding-100-day-ma-or-is-this-a-better-alternative-here-are-the-levels-to-watch/" target="_blank" rel="noopener noreferrer nofollow">Is Dogecoin ($DOGE) Preparing For An Epic Rebound After Holding 100-Day MA, Or Is This a Better Alternative? Here Are The Levels to Watch</a></li>
</ul>
<div class="bigofferblock margincenter mb30 pt20 pl20 pr20 " style="">
 <div class="col_wrap_two mb0">
  <div class="offerbox_big_wrap flowhidden">
   <div class="image position-relative text-center col_item mobileblockdisplay img-maxh-350 img-width-auto"><a class="re_track_btn" href="https://captainaltcoin.com/go/ll_bottom/" target="_blank" rel="noopener noreferrer nofollow"> <img decoding="async" class="lazyload" data-skip-lazy="" data-src="https://captainaltcoin.com/wp-content/uploads/thumbs_dir/Copy-of-P2P-Review-17-qi3pqhl3pi3mlojv8nq0upz5rcb68rblc7kuvhcaou.png" width="500" alt="Check NuggetRush ($NUGX)" src="https://captainaltcoin.com/wp-content/themes/rehub-theme/images/default/blank.gif"> </a>
   </div>
   <div class="product-summary col_item mobileblockdisplay">
    <h3 class="product_title entry-title font150 lineheight25 mb30" id="a-class-re_track_btn-href-https-captainaltcoin-com-go-ll_bottom-target-_blank-rel-noopener-noreferrer-nofollow-span-check-nuggetrush-nugx-span-a"><a class="re_track_btn" href="https://captainaltcoin.com/go/ll_bottom/" target="_blank" rel="noopener noreferrer nofollow"> <span>Check NuggetRush ($NUGX)</span> </a></h3>
    <div class="rev_disclaimer font70 greencolor lineheight15 mb20">
     Sponsored: Invest Responsibly, Do Your Own Research.
    </div>
    <div class="buttons_col mb25 rh_big_btn_inline">
     <div class="priced_block clearfix">
      <div><a class="re_track_btn btn_offer_block" href="https://captainaltcoin.com/go/ll_bottom/" target="_blank" rel="noopener noreferrer nofollow"> Buy NUGX Today </a>
      </div>
     </div>
    </div>
    <div class="bigofferdesc"><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Being in its <strong>ICO stage</strong>, NuggetRush offers a prime opportunity for early investors to get in at potentially lower prices <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>A unique <strong>play-to-earn</strong> gaming platform in the memecoin market <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>The platform combines artisanal and <strong>gold mining</strong> with cryptocurrencies in an unusual gaming context, offering a distinctive and immersive experience <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Fosters a strong <strong>community </strong>by encouraging physical meetups among members <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i><strong>NFT</strong> Integration with Prominent Characters
    </div>
   </div>
  </div>
 </div>
</div>
<p>The post <a href="https://captainaltcoin.com/trouble-brewing-for-bitcoin-if-key-support-line-fails-btc-analyst-tells-what-to-do/" rel="noopener noreferrer nofollow">Trouble Brewing for Bitcoin if Key Support Line Fails: BTC Analyst Tells What to Do</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Trouble Brewing for Bitcoin if Key Support Line Fails: BTC Analyst Tells What to Do

Table of Contents

CaptainAltcoin

Other articles published on Jan 18, 2024

Bitcoin Miners Curtail Operations During Texas Winter Storm

Crypto Bull Run 2024: BTC’s Fate, ETH’s Climb, and BDAG Coin’s Feat

Why Did Over $3.5M in LINK, SHIB and These Altcoins Leave Major Exchange?

7 Best Meme Coins to Buy Now for 10x Gains

Crypto Exchange OKX Upgrades McLaren Branding to Widen Reach

Investment giant backs ETH and SOL after Bitcoin ETF launch

Join our free newsletter for daily crypto updates!