According to a report by Deep Tide TechFlow, on May 20th, James Wynn stated that Bitcoin is in a clear price channel, having touched the support level twice and rebounded; typically, the third bottom 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 last year. Wynn predicts that Bitcoin will rise to $118k after short-term fluctuations, and he reminds investors to stay calm and follow appropriate risk management strategies.