As I mentioned earlier, Bitcoin was forming a bullish head and shoulders pattern. However, it was essential to wait for confirmation before entering a position because when a pattern does not confirm, it often leads to a sharp move in the opposite direction, as we are currently witnessing.

Bitcoin must not close below $60,000 on a weekly basis because, if it does, a bearish double top pattern would be confirmed, potentially driving its price down to $44,000.

Even so, a flag pattern could be forming, which, once completed, might lead to the long-awaited bull run, which I estimate will begin in early November.