The Analysis Company Shared the Critical Level That Must Be Maintained in order to Avoid an Aggressive Decline in Bitcoin!

Cryptocurrency analytics firm Alphractal has issued an important warning regarding Bitcoin's price movements, saying that BTC needs to hold a position above $84,000 to avoid a more aggressive correction.

According to Alphractal, Bitcoin is currently at a significant support level within the CVDD (Yok Cumulative Value Günleri) Channel, which is a model designed to dynamically analyze support and resistance levels. The specific level in question is seen at CVDD × 2,618, a Fibonacci factor that placed the critical support at $84,640.

Alphractal explains that this pattern has historically been highly effective in identifying Bitcoin price bottoms over multiple market cycles. When an important level is broken within the CVDD Channel, the price usually heads towards the next support or resistance zone.

If Bitcoin consolidates above $84,000, the firm suggests that it could form a local bottom before making a new move towards all-time highs. However, failure to maintain this level for a few days could trigger a more significant decline.

In the event of a breakout, Alphractal sets two important downside targets:

• $64,700 is Bitcoin's all-time high in April 2021.
• $60,000 could act as another major support zone.

If Bitcoin moves towards these lows, a strong bearish sentiment may prevail in the market. However, the firm notes that a similar correction occurred between May and July 2021, but Bitcoin eventually recovered, reaching new highs later that year.