$BTC Bitcoin is back in its channel—will the next drop come soon?
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It feels better waking up to green candles after a tough day. Here's a quick summary: Bitcoin had a rough start to the week, dropping 16% at one point, while many altcoins fell by 20% or more. However, U.S. investors didn’t keep selling and Bitcoin ended the day down 7%, without falling below its long-term channel.
So, what's next? Will we see a sharp recovery or a further decline?
**Pro Recovery:**
- Bulls showed strength by pushing the price back up when it dropped below $50,000, which is a positive sign.
- Market turbulence might prompt national banks to cut rates sooner than expected, adding momentum to the market.
- We've seen similar drops before, often followed by strong recoveries.
**Contra Recovery:**
- The situation remains volatile, and any significant news could trigger another major drop.
- Tensions in the Middle East, such as Iran’s potential actions against Israel, could send shockwaves through the market and push Bitcoin below $50,000.
**Summary:** The recovery looks promising, and it’s encouraging to see the bulls stepping in. In the short term, I’m cautious as another drop could occur. However, I believe Bitcoin will stay above $50,000 in the longer term and remain bullish.