Is $60,000 the Bottom for the $BTC Price Crash?
Bitcoin continues to drop, dipping below $61,000 before briefly recovering, indicating buyer presence.- The rebound doesn't signal a recovery from bearish trends, as a significant move is still anticipated.Bitcoin has hit new monthly lows below $61,000, with the market turning bearish due to increased selling pressure.
Contributing factors include Bitcoin sales from Mt. Gox and miners liquidating approximately 30,000 BTC since the beginning of the month. This led to 3,000 BTC long positions being liquidated on Bybit in under a minute, causing widespread market turmoil.
Currently, BTC's price is at critical levels that might be favorable for accumulation. However, the token seems poised for a substantial drop, potentially reaching levels unseen since February 2024.
If another bearish pullback occurs, Bitcoin could fall an additional 15% to 20%.According to Mastering Crypto, this might be a local bottom, but not the lowest point of the current bearish trend. From a broader view, BTC has maintained a multi-year trend line as support since October 2023, which was recently broken. Since then, the price has traded within a descending channel. As it reaches lower support, a rebound is expected, potentially pushing the price up to $66,000 or even $67,000.
However, a major downturn could follow, dropping prices to around $52,000 to $53,000.The primary cause of this false breakout is the short-term trading within a falling wedge, suggesting an imminent minor breakout. Nonetheless, the larger trend indicates a bull trap, with prices likely to fall below the $55,000 support."One strategy for playing a BTC local bottom is to wait for a reclaim of this falling wedge. A sustained break above $62,500 should confirm it," advises Mastering Crypto.
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