Should Bitcoin Bulls Be Concerned?
Updated
In my previous analysis of 
BTCUSD, I expressed my expectation for Bitcoin to reach a new all-time high, which indeed occurred as the price broke above 70k and sustained that level for several days.
However, following a brief test around 74k, the price began to decline and fell back below 70k.
Now, a crucial question emerges: Is this a change in the bullish trend?
In my view, it is not. Even though the current price of BTC sits at 65k, I interpret this as a normal correction rather than a reversal of the trend.
Technically, the situation appears clear and uncomplicated: the trend remains strongly bullish. Even if the price were to drop to the 60-61k zone, I believe there should be no cause for concern, rather a good opportunity to buy.
This zone represents a convergence of factors: the trendline, a horizontal level established after the initial ATH, and a psychological level.
In conclusion, what we are witnessing is a typical correction. Even a drop to 60k, constituting a 20% decrease, should not unsettle anyone, given the robust bullish trajectory observed since November 2023.
Best of luck!
Mihai Iacob
BTCUSD, I expressed my expectation for Bitcoin to reach a new all-time high, which indeed occurred as the price broke above 70k and sustained that level for several days. However, following a brief test around 74k, the price began to decline and fell back below 70k.
Now, a crucial question emerges: Is this a change in the bullish trend?
In my view, it is not. Even though the current price of BTC sits at 65k, I interpret this as a normal correction rather than a reversal of the trend.
Technically, the situation appears clear and uncomplicated: the trend remains strongly bullish. Even if the price were to drop to the 60-61k zone, I believe there should be no cause for concern, rather a good opportunity to buy.
This zone represents a convergence of factors: the trendline, a horizontal level established after the initial ATH, and a psychological level.
In conclusion, what we are witnessing is a typical correction. Even a drop to 60k, constituting a 20% decrease, should not unsettle anyone, given the robust bullish trajectory observed since November 2023.
Best of luck!
Mihai Iacob
Note
Correction potentially overYesterday, immediately after my post, BTC started to reverse and, at the end of the day, left a Piercing Line candlestick pattern on our chart.
Today, once more, dips were bought, and(at least so far) we have a long-tailed bullish bar on daily
These could indicate the final of correction
Note
Yes. Had more to correct, but exactly in yellow zone
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