Crash

Based

Bitcoin

In a recent price analysis, a crypto analyst has highlighted a <a href="https://www.newsbtc.com/bitcoin-news/bitcoin-slips-under-64000-where-next-support/">crucial support level for Bitcoin (BTC)</a>, emphasizing the possibility for the pioneer cryptocurrency to <a href="https://bitcoinist.com/bitcoin-price-crashed-58000/" rel="nofollow">plummet significantly</a> to new lows if it fails to maintain certain key levels.&nbsp; 
<h2 id="bitcoin-risks-crash-to-42-000">Bitcoin Risks Crash To $42,000</h2> 
On August 1, the pseudonymous crypto analyst DonAlt <a href="https://www.youtube.com/live/auSFCi1dSas?si=WS2B5qJVqjccVyDJ" rel="nofollow">shared</a> an in-depth <a href="https://www.newsbtc.com/bitcoin-news/bitcoin-to-the-moon-300-growth-predicted-crypto-analysis/">price analysis </a>and future outlook of Bitcoin on the TechnicalRoundup YouTube channel. According to the analyst Bitcoin could experience a <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-price-crash-below-40000/">potential price crash </a>to $42,000 if it fails to hold the critical support level at $63,000.&nbsp; 
Based on <a href="https://bitcoinist.com/bitcoin-price-is-headed-630000/" rel="nofollow">Bitcoin’s recent price actions</a> and present market conditions, the cryptocurrency is seen to be facing a crucial support level at the $63,000 price mark. According to DonAlt, Bitcoin previously reclaimed the $60,000 level, after experiencing a period of volatility and <a href="https://bitcoinist.com/bitcoin-price-tragic-june/" rel="nofollow">consistent declines</a>. 
The crypto analyst revealed that the $60,000 price mark was seen as a bullish sign, possibly hinting at further upsides. However, despite the price leap, Bitcoin is now facing a rejection and has been unable to continue its <a href="https://bitcoinist.com/bitcoin-price-500-to-330000/" rel="nofollow">expected upward momentum</a>.&nbsp; 
During his analysis, DonAlt indicated that if <a href="https://bitcoinist.com/bitcoin-price-past-halving-cycles/" rel="nofollow">Bitcoin’s price</a> successfully stays above the $63,000 critical support level, a <a href="https://www.newsbtc.com/news/the-bullish-scenario-that-puts-bitcoin-at-165k-before-22k/">future bullish scenario</a> remains valid. On the other hand, if the cryptocurrency falls below this key level, its price outlook potentially becomes much more concerning and bearish.&nbsp; 
DonAlt foresees <a href="https://bitcoinist.com/bitcoin-crashes-below-55k-emerging-cryptos-stand-strong-despite-bear-market/" rel="nofollow">Bitcoin crashing</a> around $52,000 and $42,000 if it cannot maintain its price near the $63,000 mark. He further indicated that the cryptocurrency might test these lower price levels as potential new support zones.&nbsp; 
Looking ahead, the crypto analyst has stressed the importance of watching Bitcoin’s behavior and market movements at the $63,000 price mark, underscoring the significance of this critical support level to avoid <a href="https://bitcoinist.com/bitcoin-price-at-risk-further-correction-heres-how/" rel="nofollow">further downward pressure </a>for the cryptocurrency. Based on CoinMarketCap’s reports, Bitcoin’s price is trading significantly above the $63,000 support level.&nbsp; 
At the time of writing, Bitcoin’s price is trading at $64,104. Despite declining by 4.44% over the past week, the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-gains-65k/">cryptocurrency remains on an upward trajectory</a>, steadily approaching the $70,000 threshold.&nbsp; 
<h2 id="btc-bulls-take-a-hit-as-bearish-sentiment-rise">BTC Bulls Take A Hit As Bearish Sentiment Rise</h2> 
Popular crypto analyst, Ali Martinez revealed in an X (formerly Twitter) <a href="https://x.com/ali_charts/status/1819069989346771418?s=46" rel="nofollow">post</a> on August 1, that numerous investors who had bet big on Bitcoin’s price surge had experienced substantial losses during the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-pulls-back-70k/">recent downturn</a>. According to data from Coinglass, over $2.5 billion in leveraged long positions were liquidated when Bitcoin fell <a href="https://www.newsbtc.com/news/bitcoin-price-crashed-65000/">below the $63,000 mark</a>.&nbsp; 
<img loading="lazy" decoding="async" class="size-medium wp-image-632808" src="https://www.newsbtc.com/wp-content/uploads/2024/08/Bitcoin.jpg?w=460&amp;resize=460%2C279" alt="Bitcoin" width="460" height="279" srcset="https://www.newsbtc.com/wp-content/uploads/2024/08/Bitcoin.jpg?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2024/08/Bitcoin.jpg?w=460&amp;resize=460%2C279 460w" sizes="(max-width: 460px) 100vw, 460px" data-recalc-dims="1"> 
Martinez revealed that investors who are presently betting on Bitcoin’s potential to decline are becoming overconfident. Furthermore, the analyst revealed that if <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-recovers-65k/">Bitcoin’s price recovers</a> to $70,440, it could result in the liquidation of almost $2.4 billion in <a href="https://www.newsbtc.com/bitcoin-news/bitcoin-bears-100m-crypto-shorts-flush-btc-63000/">leveraged short positions</a>.&nbsp; <a href="https://www.tradingview.com/x/fxANqHnR/" rel="nofollow"><img loading="lazy" decoding="async" class="size-full" src="https://www.tradingview.com/x/fxANqHnR/" alt="Bitcoin price trending downward on the daily chart | Source: BTCUSDT via Binance, TradingView" width="1233" height="590"></a>

Crypto Analyst Warns That Bitcoin Could Crash To $42,000 If This Happens

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