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Market Outlook
75 Range Observation: Is it the Bottom or a Rebound?
As we predicted yesterday, Bitcoin $BTC price further declined today within the day to the 75 range. Currently, there is about a 1,000-point rebound.
We cannot confirm whether 75,000 is the bottom; doubts still exist (I believe there is a 30% chance that the bottom has already been reached here).
I think both 73-75 could be the bottom; 75,000 is only the lowest target for the correction. If it just touches 75 and then starts to rebound, that would be very strong.
In the rise from 65,200 to now, Bitcoin has experienced multiple shallow corrections, which could also be a replication.
If 75 is the true bottom, it means the upward attack will continue on Monday.
And if 75 is not the true bottom, it means there could be further decline to the 75-73 range on Monday before rebounding.
There is also a possibility of first filling the 77,600 gap, then falling to the 73-75 range, and rebounding again (a more complex three-phase correction).
In any case, I believe that after this correction ends, $BTC is inclined to surge again, aiming for the 81,000 range and filling the CME gap.
This article is sponsored by #BCGAME｜@bcgame @bcgamecoin