Bitcoin has made good progress today compared to last three days today Bitcoin almost touched $60k ($59,390) as a result we have seen decent progress in other altcoins as well. Either this is a breakout point wherein bitcoin will proceed towards new ATH or a bull trap but I don't think it would be a bull trap as market just went through correction phase. What's your opinion on bitcoin at the moment?
In my opinion, since the last month until the beginning of 2022, the price of bitcoin is still correcting, although in the long term we can see a repeating bullish pattern but if the support in the $49k-52k area is not broken then the possibility of a price decline could reach the level of $40k. Therefore, please be careful when opening positions, it is better to wait for the confirmation of the reversal first.
Also, I believe it is too early to open a position. There is still no signal that the downward trend is over. Any attempts to raise the price end up with further drops. I think a drop below $40k is very likely. At $39k, we'll be thinking what to do.