Where Is the Bottom?
Bitcoin fell below $70k as a result of the fact that we weren’t able to break through the $80–83k resistance zone. Currently, we’re trading around $69,800.
We need to be prepared for more downside, guys. The next major support sits in the $60–63k range, which was the previous low of this correction.
Do I think we’ll fall below $60k? It’s possible. Do I think we’ll drop into the $40k range? Very unlikely, in my opinion.
I have a limit order sitting at $58k and currently believe the final bottom will likely form somewhere in the $50k range. That’s my base-case scenario these days.
What are your thoughts, and what’s your plan for navigating the current drawdown?
