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?
So far the market has bounce back to $94k and I wouldn't be surprised if this is the start of somewhat of a good recovery. It's good that they gave us warning, but then again, if you look at the market, we are still in the bullish sentiments so for me I don't see a steep 20% drop to below $90k'ish.
And remember that we still have some aces left in our sleeves, like Trump being sworn in as the next US president. This is going to be very bullish for us in the next 10 days or so and with that, I'm seeing another rebound if we can just hold on the $94k as our support and come January 20th, we might see the price going to 6 digits again.