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?
The view is too short if you see Bitcoin to destruction because many parties have realized how Bitcoin is a good choice in saving value to Fiat in the future.
For binance, it could be experienced there.
It is not suitable to see the price decline as a benchmark to say bitcoin to destruction because the decline is an event that is always there in every market condition. Instead of discussing destruction, don't forget the volatility of market prices.
On hearing a news like this, ,I actually can't lose my sleep over this because it's now part of the norms in the crypto industry, where one of the top dogs in the business will just wake up an predict what so ever due to the fact that it's not going as expected, so I certainly can't lose my sleep over this.
Then on the overall outlook of Bitcoin, I believe that it has retrace more than enough, so it's more likely to continue it upward momentum than going back as far as $71k., unless something tragic happens to Bitcoin, apart from that, I see no reason why Bitcoin will fall so much considering how trustworthy most investors has in it.