Bitcoin Price: Bear Trap or More Downside?
Bitcoin sentiment is divided between those calling the current dip a bear trap matching 2023 fractal patterns ahead of midterms, and those expecting a deeper sweep to $74K before a recovery to $90K+.
What we know
An account on X RTs his own analysis calling the sub-$80K move a bear trap identical to the 2023 fractal. Another account on X notes crypto bottomed within a month of midterms in the last two cycles — midterms are one week away. Contrasting view from another account on X: 'gut feeling is bitcoin sweeps 74k to get the volume needed to push up to 90k.' Galaxy Research argues 'the bottom is in, selling pressure has diminished, the debasement case has strengthened, and the crowd has left.' The Fed is expected to hold rates (92% probability per @CoinbaseMarkets), which removes a near-term macro headwind.
By the Global Eye 24 desk, with AI assistance. Updated as the story develops. Spot an error? Write to corrections@globaleye24.com.