$BTC Dump to $69k incoming?
So far, price is still following the 2023 PA almost perfectly.
In both cases, we saw an explosive breakout from the bottoming range, followed by a consolidation phase, another breakout, and then another range.
Inside that final range, price first swept the lows before eventually taking out the highs as well.
What’s especially interesting, though, is what happened afterwards.
In 2023, BTC dumped back towards the previous ATH, resulting in a correction of roughly 20%.
Fast forward to today, and we have just swept the highs of the current range before immediately starting to sell off.
Price is now on the verge of retesting the previous range, which makes the reaction here crucial.
If BTC finds acceptance below $81k, I think a move towards the range lows around $76k becomes increasingly likely.
If we then lose that level as well, the next major downside target would sit around the previous ATH near $69k.
But there’s no reason to panic here.
We still have plenty of support before that level, and let’s be honest, a deeper pullback into that region would offer an incredible opportunity.
So far, price is still following the 2023 PA almost perfectly.
In both cases, we saw an explosive breakout from the bottoming range, followed by a consolidation phase, another breakout, and then another range.
Inside that final range, price first swept the lows before eventually taking out the highs as well.
What’s especially interesting, though, is what happened afterwards.
In 2023, BTC dumped back towards the previous ATH, resulting in a correction of roughly 20%.
Fast forward to today, and we have just swept the highs of the current range before immediately starting to sell off.
Price is now on the verge of retesting the previous range, which makes the reaction here crucial.
If BTC finds acceptance below $81k, I think a move towards the range lows around $76k becomes increasingly likely.
If we then lose that level as well, the next major downside target would sit around the previous ATH near $69k.
But there’s no reason to panic here.
We still have plenty of support before that level, and let’s be honest, a deeper pullback into that region would offer an incredible opportunity.