Crypto trader Killa said he is about 80% confident that Bitcoin has already put in a bottom when viewed from a higher-timeframe market structure. Even so, he said the technical picture has not fully confirmed a trend reversal yet, because BTC has still not reclaimed and held above the $83,000 high on the weekly chart.
Killa described $83,000 as the key level for confirming a meaningful shift in trend. If Bitcoin breaks through that area and finds acceptance above it, he warned traders to be careful about blindly shorting any continued upside. In that scenario, he said short sellers could face a strong squeeze that may push the price toward the $95,000 area.
For the near term, Killa expects the market to remain range-bound. His comments were cited by BlockBeats on Aug. 26.
BlockBeats reported on Aug. 26 that trader Killa said he is about 80% confident Bitcoin has already formed a bottom when viewed from the higher-timeframe structure.
He added that, under strict technical confirmation standards, the trend has not yet fully turned. The reason, he said, is that BTC still has not reclaimed and held above the $83,000 high on the weekly chart. In his view, $83,000 is the key level that would confirm a material change in trend.
Killa said that if Bitcoin breaks that level and gains market acceptance above the zone, traders should be cautious about blindly shorting any further upside. He said shorts could face a strong squeeze that may drive price toward the $95,000 area.
In the short term, he expects the market to remain range-bound.
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