I just saw this news on Binance this morning, and truly for the past few days Bitcoin seems to be depreciating.
On Jan 8 Bitcoin experienced it second-steepest daily decline which has now further lead to market uncertainties.
And according to Binance if Bitcoin closes below $90,000 on the daily chart, analyst warns of a deeper crash . And a confirmed inverse head-and-shoulders pattern could lead to a further 20% drop potentially targeting $71,500.
What are your take on this?
There’s a possibility for that to happened if we consider technical analysis. All that you mentioned is correct analysis if we view the chart on daily basis. Bitcoin is still doesn’t close below 90K which is the one holding the price to avoid correction but there’s really a high chance for steeper dip when the price close below 90K.
However, Bitcoin doesn’t any sign of negativity when it comes to fundamental analysis which means the price sentiment is pure from the manipulation of technical analysis predictions.
In conclusion, we can expect the worst but it’s just a possibility and not certain unless there will be a FUD on Bitcoin.