‘Don’t Fear a Drop to $60K:’ Analyst Sees That as a Healthy Reset for BTC

The leading cryptocurrency experienced enhanced volatility over the past week, eventually stabilizing at around $64,500 (per CoinGecko’s data).

Given the ongoing bear market, though, the price may soon head south again, but one popular analyst claimed that a dip to around $60K should actually be welcomed as good news. Exactly What BTC Needs?

The renowned analyst Ali Martinez argued that a drop by nearly five grand would complete a classic inverse head-and-shoulders pattern that could set the stage for a serious pump.

The setup consists of three dips – a low (left shoulder), a deeper plunge (head), and another low (right shoulder) and signals that sellers are running out of steam.