The bounce from $74k (with a possible brief wick down to $70k) will be bigger than the bounce we saw from $80k.
$74k is probably the most key level of this bitcoin cycle.
Drop below it and admit we are in a bear market.
Stay above it and hope will remain (and reignites) that the bull run is still on (I’m not a believer of this, however).
I think we’ll see a relief rally after $70k- $74k is tagged. Maybe a nice one. Maybe up to the 200 week MA if we’re lucky. $100k would be nice.
Holding $74k is the last chance the bulls have, as to drop below it is to break the higher-low structure and admit a bear market.
I expect very high trading volume on that $70k-$74k low, followed by a big relief rally.
Pivotal level.
But ultimately, I think greater odds are we see a lower high and the continuation of a bear market after that. But we should definitely enjoy the bounce in the meantime! It may offer a last chance for profit-taking before dropping below $70k (imo).
If I’m wrong and we’re not in a bear market I’ll admit it! Let’s give it a few months to play out though. $DUSK
