A cryptocurrency analyst with a good track record of predicting Bitcoin’s movements believes the price could quickly fall after briefly reaching $70,000 again.
A popular trader known as Cheds, with over 50,000 YouTube followers, believes Bitcoin is struggling to break through a key price level. He warns that Bitcoin could start falling in value unless it can firmly establish $85,000 as a new low price point.
The analyst thinks if Bitcoin rises above $85,000, it will likely signal a trend reversal, specifically a ‘double-bottom’ pattern, which usually indicates prices will start to go up.
We’ve been tracking this recent price increase and have seen some good gains. We’re noticing a pattern that looks like the letter ‘W,’ which has broken through a previous high. Typically, this would suggest further price increases. However, there’s a potential challenge or resistance level that could get in the way.
For me to think the bottom’s in we need to flip $85,000. I think a weekly close would be logical.”
Bitcoin is trading for $79,402 at time of writing, down 1.5% on the day.
Next up, the analyst says he is turning bearish on Ethereum (ETH) rival Solana (SOL).
SOL recently experienced a significant price increase, reaching a key resistance level. While the stock hasn’t performed well overall, a trade might be possible if it breaks above $95 or $96. However, given the current downward trend and the bounce off resistance, I’d personally consider selling (shorting) the stock at this time.
Solana is trading for $91.17 at time of writing, down 3.7% in the past 24 hours.
He also warns that ETH needs to hold $2,150 as support to avoid a massive collapse.
Ethereum is currently underperforming compared to Bitcoin, as evidenced by their trading pair. It’s struggling to surpass the $2,400 mark. A key support level to watch is $2,150; if it fails to hold, we could see a significant price drop. Therefore, closely monitoring both the $2,150 and $2,400 levels is crucial.
ETH is trading for $2,259 at time of writing, down 1% on the day.
Read More
- Total Football free codes and how to redeem them (March 2026)
- Pixel Brave: Idle RPG redeem codes and how to use them (May 2026)
- Clash of Clans May 2026: List of Weekly Events, Challenges, and Rewards
- Last Furry: Survival redeem codes and how to use them (April 2026)
- COD Mobile Season 4 2026 – Eternal Prison brings Rebirth Island, Mythic DP27, and Godzilla x Kong collaboration
- Top 5 Best New Mobile Games to play in May 2026
- Gold Rate Forecast
- Honor of Kings x Attack on Titan Collab Skins: All Skins, Price, and Availability
- Skip Bayless and Stephen A. Smith to reunite on ESPN’s ‘First Take’ for one day only
- Farming Simulator 26 arrives May 19, 2026 with immersive farming and new challenges on mobile and Switch
2026-05-14 10:22