**Bitcoin Dips Below $60K, Eyes Potential Rebound**

Bitcoin (BTC) has dropped over 4% in the past 24 hours, falling below the $60,000 mark. Despite this dip, a retest of $74,000 could be on the horizon, thanks to a maturing Wyckoff reaccumulation pattern and the possibility of three rate cuts by the end of 2024.

**Key Points:**

- Bitcoin is currently in the "Test" phase of the Wyckoff reaccumulation pattern, testing support around $53,400.

- If it confirms this support, BTC could aim for a new Last Point of Support (LPS) at around $70,000.

- The final stage, Sign of Strength (SOS), would signal a strong uptrend if BTC retests the $74,000 peak.

**Economic Context:**

- Bitcoin's price has dropped 10% since August 1, alongside the US stock market, amid rising recession fears.

- Despite the potential for three rate cuts in 2024, BTC has struggled, reflecting heightened economic concerns.

- Historically, Bitcoin has rebounded after Federal Reserve rate cuts, as seen during the COVID-19 market crash.

Analysts predict that while Bitcoin may face recessionary risks, it could rebound following the Fed's anticipated rate cuts in September. As always, investors should conduct their own research before making any trading decisions.