🤯Bitcoin Price: Why BTC Could Plunge To $60,000 Before Reaching $80,000

📉 Choppy Crypto Market: The crypto market remains volatile as the industry awaits the SEC's decision on proposed spot Ethereum ETFs. Prices surged on Monday after analysts raised the approval chances to 75% from 25%. Bitcoin rallied to $72,000, continuing its bullish trend above $67,000.

🚀 Ethereum's Impressive Surge: Ethereum rose from $3,000 to over $3,700. Major altcoins also recovered recent losses. If the ETF is approved, Ethereum could reach a new all-time high, potentially sparking an altcoin season.

🔍 Bitcoin's Next Move: Bitcoin retreated from its weekly peak of $72,000 to $67,908. This has created mixed market signals, with uncertainty about whether it will drop to $60,000 or resume its uptrend toward $80,000.

📈 Positive Market Sentiment: The likely approval of spot Ethereum ETFs could boost interest in Bitcoin and leading altcoins. Bitcoin ETFs saw a net inflow of $153 million on May 22, with BlackRock and Fidelity leading. Grayscale, however, continues to experience outflows.

🔧 Bitcoin Price Analysis: Bitcoin's price correction pressures support areas below $67,000. The RSI has dropped to 54, indicating a short-term bearish outlook. Key support levels include the 20-day EMA, the descending trend line, and the 50-day EMA. A drop to $60,000 is possible if sellers persist.

🌟 Bullish Trend Conditions: A bullish trend could resume with the approval of spot Ethereum ETFs, strong support at $67,000, and reclaiming $72,000. This could push Bitcoin to $80,000, setting the stage for a bull run toward $100,000 in 2024.