A popular crypto analyst says Bitcoin is facing a do or die scenario after the king cryptocurrency was convincingly rejected at a key level.
In a new tweet, the pseudonymous strategist tells his 32,000 Twitter followers that bulls must hold one last line of defense. Should they fail, Bitcoin’s sentiment will likely turn increasingly bearish.
On the flip side, a crypto trader known as Ethereum Jack says the end is not yet in sight for bulls. The analyst offers bullish and bearish scenarios depending on how BTC performs in the short term.
He believes Bitcoin will complete a bullish inverse head-and-shoulders pattern once the cryptocurrency closes above $9,300 in the daily chart with the initial target of $9,800. Ethereum Jack says a daily close above $10,0050 will put the bulls in cruise control of the market.
But should the king coin break below $9,000, he sees another round of slow bleed to $8,500. A breach below that level would send Bitcoin back to $7,000.
From a long-term perspective, Ethereum Jack believes bulls are chipping away on the $10,000 psychological resistance just like how bears slowly drained the $6,000 support at the height of the 2018 bull market.
“Inverse 6K capitulation looks real once we flip 10K resistance.”
As of writing, Bitcoin is valued at $9,082.71, according to CoinMarketCap.