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.
I've seen talks about more dips and massive crash in price, Bitcoin droping below $80k, some are even saying it would drop below, $30k and so on and forth, well anyone can believe in whatever analysis or upcoming trend of Bitcoin but im on the ground that Bitcoin is still billish and chances of experiecing a dip soon is not very high compared to how bullish Bitcoin would be in this 1st quater of the year. I still think that from $108k ATH to this current price points is an opportunity to acquire more at cheaper rate, it doesn't call for a panic and if it further gives more opportunities, investors should take advantage of it and top up their portfolio, it's times like these that makes people sale at lose, you'll see many panic sale, yes there would be market manipulations but it just needs positive news to trigger a massive bull run and the upcoming inauguration of the president elect of the U.S is enough for that to occur, let's be patient and see how the upcoming days would turn out, anyways every investor should take advantage of this correction stage, cause there's better days ahead.