Analyst says $42K must hold to keep Bitcoin price from sweeping its swing low

As China crackdowns all things cryptocurrency, Bitcoin bulls continued to fight bears at the $43,000 support level on September 27. This was despite the positive price movements last week and has slowed growth.

Eric Krown is a crypto trader and hosts Krown’s Crypto Cave. He says that what happens next to Bitcoin (BTC), “depends on when you are talking about it,” but he is currently focusing on the medium-to-long-term outlook.

The latest episode of “The Market Report”, with Cointelegraph, saw the cryptocurrency trader indicate that right now, “we are probably going to range approximately this low-$40,000 area” and suggest that he would be “looking at this potential reverse point right here” if BTC holds onto $42,000.

Krown stated that if BTC fails to maintain this support level, the price could continue to drop for a while, dropping “all the way down to $32,000-33,000, [filling]] the CME gap which was months ago.”

Krown said that while this scenario is possible, he sees a better future for Bitcoin’s price as we enter the fourth quarter of 2021.

Krown stated:

“I am actually a bit more optimistic here. “Whether Bitcoin is at its bottom right now and spends some time just ranging or drops to $32,000-33,000, I think it looks fine.

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https://cointelegraph.com/news/analyst-says-42k-must-hold-to-keep-bitcoin-price-from-sweeping-its-swing-low