BYCUSDT
Hello Traders! 👋
What are your thoughts on Bitcoin?
Bitcoin experienced a sharp sell-off over the past week, dropping aggressively to the $60,000 level — a decline of nearly 50% from its all-time high.
As illustrated on the chart, this move followed a clear breakdown below the ascending trendline and the key $90,000 support zone, which accelerated bearish momentum.
At this stage, price action suggests that Bitcoin may be due for a corrective bullish retracement toward the highlighted resistance zone. This move would likely be a technical pullback rather than a trend reversal.
Following this corrective rally, the broader structure still favors continuation to the downside, with the risk of further declines toward lower demand levels.
From a cycle perspective, Bitcoin has historically experienced drawdowns of up to 80% after forming major cycle tops. If we consider the October high as the peak of the most recent cycle and history repeats itself, Bitcoin could potentially decline toward the $30,000 zone before finding long-term support.
Don’t forget to like and share your thoughts in the comments! ❤️