🚨 Bitcoin Drops Below $60K: Should You Be Alarmed? 🚨

Bitcoin (BTCUSD) has dipped below the $60,000 mark for the first time since September 18. Headlines are already circulating about potential further declines, but we believe there’s reason for optimism.

Key Insights:

1. Higher Highs and Higher Lows: Despite the recent drop, Bitcoin formed its first Higher High on September 27 in six months. The uptrend since the August 5 low is supported by a Higher Lows trend-line.

2. Moving Averages: While the 1D MA50 (blue trend-line) may have been breached, the critical 1W MA50 (red trend-line) remains intact. This level has held strong twice before (August 5 and September 6), suggesting resilience.

3. Potential Bullish Pattern: The price action since the August 5 low resembles an Inverse Head and Shoulders (IH&S) pattern. The technical target from this pattern suggests a potential move to $80,000 based on the 2.0 Fibonacci extension.

As long as the 1W MA50 holds, a breakout above the 7-month Lower Highs trend-line remains a strong possibility.

Join the Discussion:

Do you anticipate more downside for Bitcoin, or are we on the verge of a bullish breakout toward $80K? Share your thoughts!

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