The recent decline in BTC could potentially be seen as a part of a healthy market cycle, considering the patterns observed in previous bull runs. Looking at fractal analysis from the 2021 bull run, it is possible that BTC is currently in a distribution phase and may experience a further decline to around 21k if it fails to recover from the current downtrend after encountering resistance around the 28k level.
Based on historical resistance levels, it is worth monitoring the 25.2k area as a key level to watch. If the weekly candle eventually breaks below the 25k support, there is a higher likelihood of the price reaching the 21k support level, which could potentially occur before the next halving, expected around April of next year.
Based on historical resistance levels, it is worth monitoring the 25.2k area as a key level to watch. If the weekly candle eventually breaks below the 25k support, there is a higher likelihood of the price reaching the 21k support level, which could potentially occur before the next halving, expected around April of next year.
Comment:
BTC Fractals still intact. A bounce in the 24k area back to 28k is possible.