Bitcoin has fallen below the $60,000 mark again! Should this be a cause for concern?
Today, Bitcoin (BTCUSD) has fallen below the $60,000 mark again for the first time since September 18th. There are already some bearish headlines in the market. But we are highly skeptical because not only did Bitcoin hit a 6-month high on September 27th, but more importantly, the uptrend has been supported by a "higher lows" trendline since bottoming out on August 5th.
While the 1-day moving average (blue trendline) may have been broken, as long as the price remains above the 1-week moving average (red trendline) - which it has held twice on August 5th and September 6th, the probability of breaking through the 7-month "lower highs" trendline is high.
In fact, the trend seems to have formed an "inverted head and shoulders" pattern since bottoming out on August 5th. In this case, the standard technical target is the Fibonacci 2.0 extension level, which means that the price of Bitcoin may reach $80,000. As long as the 1-week moving average holds, this is what we think is the most likely scenario.
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