Jebb McAfee, the trader and host of Crypto Jebb, is sounding the alarm on Bitcoin. He sees a major correction in the offing that may well see the asset fall to $75,000, with technical indicators and recent liquidations underscoring the downside risk.
Mass Liquidations and Breakdown of Key Support
The numbers back up his view: in the last two days alone, about $900 million has been wiped out in forced liquidations across the crypto market. McAfee says this is a big part of what is driving the current price correction for Bitcoin. Matters were compounded when the coin slipped below the $82,833 support line, a move he interprets as the beginning of another leg down.
That kind of breach changes the mood in the market. With bullish momentum all but gone, many are now preparing for more weakness as the loss of key support invites fresh selling pressure in the short term.
Technical Indicators Signal Further Downside
Jebb McAfee has put a bearish spin on the technical picture for Bitcoin. In his view, the daily RSI chart is showing a distinct negative divergence, which is the kind of telltale sign that usually comes before a more significant correction. When one adds in the fact that key support has been lost and there is formidable resistance to contend with, it is clear that major correction risks are on the horizon for the asset.
According to McAfee’s analysis, $75,000 is the next important support line. Should Bitcoin be unable to defend that level, he expects a further decline in price, something that may well open up fresh possibilities for the patient, long-term investor.
Elliott Wave Pattern and Long-Term Opportunities
Jebb McAfee is putting the present bearish sentiment in perspective by looking at it through the lens of an Elliott Wave pattern. In his view, a correction is only to be expected as part of the market’s natural ebb and flow; once it runs its course, it paves the way for another leg up. With regard to Bitcoin, he sees the current pullback as something that may well result in a more robust recovery down the line.
There is also the matter of value. Should Bitcoin retreat to $69,000, McAfee would see that as an opportunity for a long-term position with good growth prospects. His advice to traders is to resist any urge to panic when the market corrects. He is insistent that one must have the patience and discipline to stick to a sound strategy, regardless of whether a trade is turning a profit right away.
Strategic Approach and Staying Informed
Jebb McAfee makes the case in his final words for a disciplined approach to strategy, one that is not at the mercy of market volatility. He would have viewers see corrections as an opportunity to open new positions, not as cause for alarm.
McAfee also has an invitation for any trader who wants to go deeper with their analysis and find some workable strategies: join his Discord server. There he shares further insights and trading frameworks that are suited to whatever the market may be throwing at you.
This article reflects the channel author’s opinion and is not investment advice.
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Source — Crypto Jebb: https://www.youtube.com/watch?v=Bhv-zU4Qf0k
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