BEARISH 📉 : Bitcoin price hits 15-year trendline after crash to $70,000

Crypto analyst Coinvo highlighted that Bitcoin has hit a 15-year trendline after a crash to around $70,000, marking it as a potential buying opportunity. This trendline has held in past cycles, creating opportunities for outperformance against gold.

Key Insights

Bitcoin reached its trendline on the RSI chart against gold, similar to trends seen in 2011, 2015, 2019, and 2022.
The price dropped to a yearly low of about $70,000, down over 19% YTD.
Coinvo suggests this may indicate a market bottom, paralleling earlier patterns when hitting the 200-day EMA.
Analyst Benjamin Cowen cautions that Bitcoin could still decline further, potentially dropping to the 200-week SMA before rebounding.
Veteran trader Peter Brandt shared a chart suggesting Bitcoin might fall as low as $63,000 due to its current selling pattern.
PlanB outlined scenarios where Bitcoin could see an 80% drawdown to $25,000 or settle between $50,000 and $60,000 if it hits the 200-week MA.

Currently, Bitcoin is trading at approximately $70,700, reflecting a 7% decrease in the last 24 hours.