So my question what are the chances of bitcoin dropping back to below 5900 again?
Anything is possible with Bitcoin but this scenario?? Hmmm I'd say that there is around 5-10% chance that it will happen.
In order for Bitcoin to go below that price again, there must be a news again or any event that is as effective as the pandemic. Maybe a huge spike of cases or another virus pandemic can affect its price but I think that is almost impossible to happen. Still I see this is happening but with a relatively low chance. Right now we are in a bullish scenario and people are expecting further movement towards the upside in the upcoming weeks. I'm waiting it too but still ready for the worst because it can also happen.