According to cryptocurrency analyst Trader J, Bitcoin (BTC) is still trading above $26,000, a key support level that could prevent further declines.
In a tweet on Monday, the analyst said that losing $26,000 would open the door for a drop to $22,000, which he referred to as a "high point" and "maximum pain" scenario.
Trader J also said that Bitcoin is not in a bull market and will not be until 2024. He suggested that the highest target for BTC is $ 40,000 and that it will not exceed 41,000 in 2023. However, he added that BTC could rise to 36K-40K in the near future, which would be the best exit point for investors.
The analyst warned that the $36,000 rally has yet to be confirmed and that BTC is currently in a correction phase.
At the time of this writing, BTC price has lost 0.19% in the last 24 hours and is trading at $26,859.
*Not investment advice.