Upside Potential:
If BTC does not close below the low of the previous weekly candle, we can anticipate some recovery. In this scenario, Bitcoin could move towards the first resistance level at $70,000. Should it break this resistance with a strong, high-volume candle, a new all-time high could be on the horizon. Given the weekly timeframe of this analysis, it is important to note that all potential outcomes will take a significant amount of time to materialize.
Downside Potential:
Conversely, if BTC breaks below the low of the previous weekly candle close, we can expect the pullback to persist. In this case, the next support level for BTC is around the $47,000 region. This would suggest a continuation of the bearish trend, potentially leading to further declines in the market.
