The price drop over the last 2 months from $109,000 to $74,000 has made many people think the bull run is over or that the cycle has ended.
But if we look closer, this move appears to be just a correction. The price structure is still forming higher lows and higher highs — a clear sign of a bullish trend.
Will it form another higher low between $77,090 and $73,808?
This is the real question, because it will determine whether the bullish trend is still intact.
If you notice, during the drop from $109,000 to $74,000, the stochastic indicator didn't make a lower low. That suggests the decline wasn't supported by momentum — a positive sign, as it shows buyers still have strength to push the price higher.
From a price action perspective, $88,624 is a key confirmation level. If the price breaks above it, there's a high chance we’ll see a new higher high, surpassing $109,000 and targeting the $120,000–$130,000 range.