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Bitcoin’s price trajectory has become an important point of interest in light Recent downward trendshas disappointed many bullish traders. More than 6.5 million BTC addresses have been lost as recent prices rose to current prices, according to the on-chain analytics platform IntotheBlock. Still, technical analysis suggests that Bitcoin could experience more drops.
Is the question? Bitcoin tests $70,000 You can mark it before regaining strength or rebound to a price target of $300,000 from here. Insights from price structures and historical patterns can help to provide a clearer image of:
Bitcoin price drop: normal cycle within the upward trend
Despite concerns over recent price fluctuations in Bitcoin, Crypto analyst Philip (BasicTradingTV) I’ll keep it The market typically operates within long-term bullish structures. He emphasizes that Bitcoin continues to generate high and high lows on the higher monthly time frame, maintaining a solid uptrend dating back to 2017.
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This technical outlook, which has been attracting attention on the TradingView platform, comes as a response to concerns about whether BTC is still bullish after a recent 25% revision from the highest.
Traders have become volatile following a recent decline, but historical trends suggest that this type of movement is part of the natural cycle of the market. Bitcoin still forms a bullish market structure and may continue to fluctuate in the short term, but the broader upward trend in 2017 is still in place, according to analysts. Additionally, analysts have noted previous instances of 25% and 40% revisions during Bitcoin rallies from the lower trendlines of this uptrend channel.
What’s next for BTC? Possibility of retesting resistance before it collects $300,000
However, as the concept of long-term uptrends is still unharmed, analysts said Bitcoin can be done. Continuing down trends Until it reaches $70,000. This level is of great importance as it was marked Bitcoin’s all-time highest before turning into resistance in mid-2024. After multiple attempts, Bitcoin finally broke through this resistance towards the end of the year, reaching a new all-time high of $108,786 in January 2025.
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So this $70,000 level is now a major psychological support zone and an important area to look at in the ongoing revision of Bitcoin prices. From here, the analyst I predicted rebound This will bring BTC to $300,000. “Levels to monitor: $70.000, $300.000,” the analyst said.
At the time of writing, Bitcoin is trading at $82,555, spending most of the last 24 hours between $79,947 and $83,436. This leaves bitcoin behind It’s still about 14% away From a $70,000 support level test.
However, there is a possibility that BTC will not fall by about $70,000 Before the bullish emotions take over once again. If Bitcoin continues its trajectory of its past cycles, the Fibonacci expansion refers to a price target of $150,000 to $300,000.
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