Bitcoin's 4-hour chart shows a potential breakdown, with a possible decline to $85,000 if a key support level is breached. While the speaker is currently maintaining long positions in several cryptocurrencies, a Bitcoin decline could trigger significant losses for altcoins and lead to liquidations, emphasizing the need for close monitoring of the market.
Bitcoin Price Prediction
• 00:00:49 Bitcoin's 4-hour chart shows a possible breakdown below $4,300, with potential further downward momentum. A break below the 991,000 level could lead to a significant price drop towards $85,000 due to the breakdown of an M pattern. The speaker highlights that despite potential upside targets of $102,000 to $120,000, there are potential retracements, and a decline in Bitcoin could impact altcoins negatively.
Impact on Altcoins
• 00:00:47 If Bitcoin breaks its neckline at 991,000, altcoins are expected to be dragged down. The speaker notes that a 10% decline in Bitcoin could result in a 20-30% decrease in altcoin values, potentially leading to numerous liquidations. While the speaker is currently profitable in several altcoin trades, including XRP, Updos, and Sui, the potential for a Bitcoin downturn poses a risk to these investments.