Bitcoin dips below $65,000.
The potential peace deal that had pushed the price back above $67,000 seemed largely driven by hype and speculation. The market now faces a harsh reality: the deal is still not signed.
Beyond that, there's a lot of pessimism lingering regarding both the signing itself and the future adherence to the agreements. Some in the market even believe that the USA-Israel coalition could ultimately jeopardize its implementation.
From a technical standpoint, the current downturn feels more like a continuation of the bearish momentum that previously sent prices down to around $59,000. The support level around $60,000 has been broken, and the market seems to be retesting it now.
However, this retest formed a double bottom pattern. Normally, if this double bottom were genuinely bullish, we shouldn't see a prolonged decline comparable to the rise during its formation.
If the current correction takes on significant magnitude relative to the double bottom rebound, then we need to brace for another bearish acceleration. That’s already what the market seems to be indicating.
Personally, if the price drops to around $63,000, I believe it's highly probable that Bitcoin will aim for a new low in the coming days, or even hours, depending on the speed of the move.
My target remains at least $55,000. And it’s not out of the question that the market goes even lower.
$BTC
The potential peace deal that had pushed the price back above $67,000 seemed largely driven by hype and speculation. The market now faces a harsh reality: the deal is still not signed.
Beyond that, there's a lot of pessimism lingering regarding both the signing itself and the future adherence to the agreements. Some in the market even believe that the USA-Israel coalition could ultimately jeopardize its implementation.
From a technical standpoint, the current downturn feels more like a continuation of the bearish momentum that previously sent prices down to around $59,000. The support level around $60,000 has been broken, and the market seems to be retesting it now.
However, this retest formed a double bottom pattern. Normally, if this double bottom were genuinely bullish, we shouldn't see a prolonged decline comparable to the rise during its formation.
If the current correction takes on significant magnitude relative to the double bottom rebound, then we need to brace for another bearish acceleration. That’s already what the market seems to be indicating.
Personally, if the price drops to around $63,000, I believe it's highly probable that Bitcoin will aim for a new low in the coming days, or even hours, depending on the speed of the move.
My target remains at least $55,000. And it’s not out of the question that the market goes even lower.
$BTC