This is why the price of Bitcoin could crash to $40,000

Bitcoin (BTC) is currently trading at around $69,500, showing a slight increase of less than 0.12%.

However, a recent tweet by the trader known as “Captain_Kole1” on X (Twitter) has caused a stir in the market. Traders are keeping a close eye on these levels as Kole's forecast added a sense of uncertainty to Bitcoin's price forecast.

The trader posted a cryptic tweet mentioning “$44,444", which is the starting price of Bitcoin for the year, accompanied by the word "I'm sorry”, which implies that Bitcoin it may return to that level or fall below it. This tweet raised concerns among investors and traders, hinting at a potential significant drop in the price from its current level.

$44,444

Yearly open.

I'm sorry. pic.twitter.com/HCSVl7bYcY

— Zoran Kole (@Captain_Kole1) June 6, 2024

The trader's forecast added to market uncertainty, leading to closer scrutiny of Bitcoin's support and resistance levels amid broader market conditions.

Bitcoin is currently trading at $69,500, with a slight uptick in the last 24 hours. A critical support level is at $68,700, where an ascending trendline suggests a potential bullish reversal, maintaining a positive outlook for Bitcoin price.

However, Bitcoin faces immediate resistance at the $69,600 and $69,750 levels, with additional resistance at the $70,650 level. The 50-day exponential moving average (EMA) at $69,600 is a key level that Bitcoin needs to break to confirm the bullish trend.