Bitcoin Must Flip $85,000 to Confirm Bottom, Says Analyst Cheds

According to trader Cheds, Bitcoin must flip $85,000 into support to confirm a double-bottom pattern and validate a market bottom. The pseudonymous strategist, who has 50,500 YouTube subscribers, warned on May 14 that BTC faces strong resistance and risks entering a downtrend if it fails to breach this key level. Bitcoin is trading at $79,402, down 1.5% on the day.

Cheds also turned bearish on Solana (SOL), currently at $91.17, warning it could reverse at the $95-$96 resistance level. Meanwhile, he cautioned that Ethereum (ETH) must hold $2,150 support to avoid a severe correction, as ETH traded at $2,259, down 1% on the day.