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Bitcoin May Not Have Bottomed: 85K Zone Becomes a Key Support Level
Finally, Bitcoin has made a pullback after hitting the MA200 moving average zone. This is a signal worth noting, but it's not enough to conclude that the market has bottomed out.
What's crucial right now is to watch the reaction of $BTC at major support levels. Personally, I'm leaning towards the scenario where Bitcoin could drop deeper, with a notable zone around 85K, before the market confirms its next trend.
The reason lies in the data from previous cycles. In past bear markets, Bitcoin has always hit the Fibonacci level of 0.382 before entering a deeper decline and finding a real bottom.
In 2018, BTC hit the 0.382 Fib level and then continued to drop to around -0.18.
In 2022, BTC also touched the 0.382 Fib, then plunged down to -0.618.
If the 2026 cycle repeats a similar pattern, after hitting 0.382 Fib, Bitcoin could very well drop to lower levels like 48K or 41K.
Of course, no pattern is 100% guaranteed. This is just a personal perspective, and you all should thoroughly research before making any decisions.
In your opinion, has BTC found its bottom, or is the real bottom still ahead?#GateSquareMayTradingShare