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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

Bitcoin Crash: Analyst Says A Break Above This Level Will Trigger FOMO

Scott Matherson
Scott Matherson
1 year ago
3 mins read
Bitcoin

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A popular Bitcoin analyst has suggested a key breakout point for Bitcoin amidst a bearish market price action. While Bitcoin’s price has been experiencing a downward trend, dynamics and movements over the past few months have established several significant price levels. These levels might offer traders valuable insights into Bitcoin’s potential future actions.

The $65,000 price mark is one such level, and according to a crypto analyst, a break above it should eventually trigger serious FOMO among market participants.

Break Above $65,000

The Bitcoin analysis in question was brought to the attention of the cryptocurrency community on the social media platform X by the pseudonymous analyst known as The Crypto Dog, who boasts a substantial following of more than 804,000 followers. This influential figure in the crypto space has highlighted one of the most critical levels for Bitcoin’s price action, pointing specifically to the $65,000 mark.

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Amidst the prevailing market downturn, the $65,000 level has emerged as a significant point of interest due to the recent consolidation of Bitcoin’s price between the $60,000 and $70,000 range. This consolidation suggests that traders are closely watching these levels for signs of a potential breakout or further decline.

The Crypto Dog has noted that if Bitcoin can successfully break above the $65,000 threshold, it could potentially trigger a wave of Fear Of Missing Out (FOMO) among market participants. This phenomenon, where traders rush to buy an asset for fear of missing out on potential gains, could create substantial buying pressure. Such a surge in buying activity might provide Bitcoin with the much-needed momentum to significantly break past the $70,000 mark.

Being patient but I think that might have been all of the dip. Break >$65k should trigger serious FOMO

The strength vs alts may be what’s needed to push $70k+ pic.twitter.com/hBzpAh60P3

— The Crypto Dog 📈 (@TheCryptoDog) August 1, 2024

Current State Of Bitcoin

The Bitcoin price has started the new week on a more negative that many expected. Bitcoin broke below $50,000 on Monday, August 5, around 6:30 UTC +0 for the first time since early February. At the time of writing, Bitcoin is trading at $52,544 and is down by 13.20% in the past 24 hours having rebounded at $49,500. The crypto is also down by 24.30% in a larger seven-day timeframe. 

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Ethereum Price Crashes Below $3,000 As Revenues Drop To New Lows

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With this recent action, Bitcoin has now broken below the significant price range of $60,000 to put $50,000 in the spotlight. A rebound just above $49,500 means that $50,000 is now the major support level to monitor. As such, a notable break to the upside from this level could kickstart a little FOMO among market participants. However, $65,000 is still a significant level that could make or break any upward rally.

Bitcoin price chart from Tradingview.com
BTC bears remain in control | Source: BTCUSD on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Read more

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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