#BTC Update: As promised, here’s my update on BTC. On October 17th, I advised caution as BTC was overbought and rejected at 68400k, as mentioned in my previous post. Now, many are starting to buy again, but I believe this is just a rebound due to profit-taking. The risk isn't over yet.

In my opinion, BTC is likely to continue dropping until it reaches 64000k.

This perspective is supported by the MACD on the 12-hour chart, which has already broken down. If you look at the daily chart, you’ll notice it’s also close to breaking down (see attached screenshots).

The RSI is currently at 46, meaning there’s still room for further downside movement.

While a rebound to around 67200k could occur, the eventual target appears to be at least 64000k for now.

If 64k breaks, we may quickly see BTC hitting the bottom of the ascending channel near 59k.

Take this into consideration and manage your capital wisely. Don’t take unnecessary risks.

What’s your opinion? Have you made any forecasts for the next move? I’d love to hear your thoughts.

This is not financial advice. Do Your Own Research (DYOR).

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