Update on $BTC
Some questions traders and investors currently have on their minds and answers.
- Is the bear market over?
- Will Bitcoin decline further?
- Can Bitcoin recover from its current low?
- Is now the best time to buy at this low?
- And most importantly, what's next?
I have been consistently bullish on Bitcoin for a long time and remain so, with my optimism intact until it reaches 90k and above.
This week, Bitcoin and other markets have been experiencing significant declines. To determine whether Bitcoin is bullish or bearish, we need to examine some critical price levels.
Initially, the support at 67k has been breached, and now it's crucial to monitor the 65,977.6 level. If Bitcoin holds above this range, I will remain cautious to see if it starts trending upwards.
However, if it drops below our final support level of 65k, we need to be wary of further declines. My target for this downturn remains 64k unless proven otherwise.
What should we do next?
In this situation, patience and confirmation are crucial. It's essential to wait for these critical levels to decide on the next course of action.
Regarding Altcoins, bear markets often present opportunities. It's a good time for research and accumulation, as bullish momentum may not have fully exhausted yet. Remember, price movements are rarely linear; corrections are necessary for sustained uptrends.
Good luck and keep trading with Binance.
