#BTCOutlook

It is reasonable to think that Bitcoin's drop is due to a massive bearish divergence between its price and the relative strength index over the past month. These types of divergences are usually followed by an 8% to 10% drop, which could be considered a necessary reset.

There are those who believe that a deeper correction may occur for Bitcoin based on the same divergence pattern. Comparing Bitcoin's current price action to January 2024, if a similar outcome develops, the BTC sell-off could extend to as low as $85,000. Obviously it is a possibility. No one has a crystal ball in the market.

However, looking at BTC's medium-term charts reveals a bearish breakout of structure. But there is a clear invalidation for a bullish turn if Bitcoin continues to close a daily candle above $95,000.

It will all be a matter of time, but we are certainly facing a moment