Bitcoin price suffers a sharp drop of more than 10% in a short period of time
The price of bitcoin has experienced a significant decline in the past few days, falling below $26,000 for the first time since June. The drop was part of a broader sell-off of risky assets, triggered by various factors such as global market turmoil, regulatory uncertainty and rumors of SpaceX selling its bitcoin holdings.
However, despite the bearish sentiment, there is still reason to be optimistic about the future of bitcoin. The recent drop perfectly hit one of our targets that we predicted earlier, based on the Fibonacci retracement levels. This indicates that the price is following a natural correction pattern and is likely to bounce back soon.
In fact, we expect the price to continue to rise higher as predicted in our previous trading idea, where we outlined the bullish case for bitcoin based on technical analysis. Our next target is $36,000, which is the 0.618 Fibonacci level and a strong resistance zone. If the price can break above this level, it will confirm the continuation of the uptrend.
Another indicator that supports our bullish view is the relative strength index (RSI), which measures the momentum of the price movement. The RSI is currently oversold, meaning that the price has been pushed too low and is due for a reversal. This is a good opportunity to buy the dip and ride the wave up.
In conclusion, we believe that the recent drop in bitcoin price is a temporary setback and not a sign of a trend reversal. We remain confident in our bullish outlook and advise our followers to stay calm and stick to our trading plan. Bitcoin is still the king of crypto and has a bright future ahead.
The price of bitcoin has experienced a significant decline in the past few days, falling below $26,000 for the first time since June. The drop was part of a broader sell-off of risky assets, triggered by various factors such as global market turmoil, regulatory uncertainty and rumors of SpaceX selling its bitcoin holdings.
However, despite the bearish sentiment, there is still reason to be optimistic about the future of bitcoin. The recent drop perfectly hit one of our targets that we predicted earlier, based on the Fibonacci retracement levels. This indicates that the price is following a natural correction pattern and is likely to bounce back soon.
In fact, we expect the price to continue to rise higher as predicted in our previous trading idea, where we outlined the bullish case for bitcoin based on technical analysis. Our next target is $36,000, which is the 0.618 Fibonacci level and a strong resistance zone. If the price can break above this level, it will confirm the continuation of the uptrend.
Another indicator that supports our bullish view is the relative strength index (RSI), which measures the momentum of the price movement. The RSI is currently oversold, meaning that the price has been pushed too low and is due for a reversal. This is a good opportunity to buy the dip and ride the wave up.
In conclusion, we believe that the recent drop in bitcoin price is a temporary setback and not a sign of a trend reversal. We remain confident in our bullish outlook and advise our followers to stay calm and stick to our trading plan. Bitcoin is still the king of crypto and has a bright future ahead.