Bitcoin has retraced from the $66,000 level but remains attractive to bulls at around $63,000. Analysts foresee a deeper correction possibly sending prices below $60,000.
Crypto analyst Xanrox suggests that a symmetrical triangle formation could lead to a retest at around $56,000.
Although a retest might occur, it provides traders with another entry opportunity. Ascending channel breakdowns also indicate potential price declines.
Xanrox highlights the importance of Fibonacci retracement levels, particularly 0.382 and 0.5, for optimal buying moments. The unfilled Fair Value Gap between $60,277 and $61,590 is also a crucial buy zone.
The analyst remains bullish, suggesting buying now and aiming to sell above $120,000 for good returns.
