According to a report by Deep Tide TechFlow, on May 20, James Wynn stated that Bitcoin is within a clear price channel, having touched the support level twice and rebounded; the third time hitting the bottom usually does not break through. He believes that the recent price drop is the result of market manipulators liquidating overly leveraged long positions, with strong psychological support around $100k.
From a technical perspective, a bullish engulfing pattern has appeared on the hourly chart, and the weekly MACD has turned bullish for the first time since November/December of last year. Wynn predicts that Bitcoin will rise to $118k after short-term volatility and reminds investors to stay calm and follow appropriate risk management strategies.