For those who are concerned about this drop, I believe Bitcoin will bottom out and start trending up soon. We have already seen these prices a few months ago, we are still moving sideways. More importantly, this light blue trendline will be extremely helpful throughout the rest of the bull run. This trendline has provided support and resistance throughout this entire bull run cycle. There’s a clear pattern where the best time to buy is when Bitcoin bottoms out below the trendline marked by white arrows, and the best time to sell are peaks above the light blue trendline marked by yellow arrows. I believe we are bottoming out here soon and we are likely to see several weeks of green candles next. This gives a price target above $90k for the next peak, I’ll give a more accurate target once we get there. For now this trendline is important for those who want to swing trade with buys on dips below the light blue line and sells on peaks above the light blue line. We are seeing some tricky price action here, usually there is only one drop below the light blue trendline. This time there has been more sideways price action than usual with two drops instead of one. The good news is that this correction is long overdue. I have been saying that Bitcoin is extremely overbought and needs to have a correction. Instead of dropping to $40k we have been moving sideways for months, which is boring but still a very bullish sign for more continued upside.

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