Bitcoin’s Big Drop: Will It Plummet Below $60K? 🚨

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Oh, dear Bitcoin, you’re teetering on the edge of a very precarious cliff! The price is perched right at the lip of a triangle, ready to tumble back down to $60,000. Will you take the plunge? How far will you fall? A mystery as deep as a chocolate factory’s secret vault!

$BTC about to drop out of triangle?

The 4-hour chart reveals a situation so precarious, even a seasoned adventurer would hesitate to step forward. The price is slithering beneath the bottom trendline of a triangle, and while the bulls might still have a flicker of hope, they’re looking more like exhausted fireflies than fierce warriors.

If the drop happens, the next support level is at $65,500-though the measured move out of this triangle could send the price plummeting below $60,000. The bulls, those valiant little creatures, seem to have run out of puff. What a shame!

Extremely negative setup

The daily chart, though still holding its head high, is whispering secrets of doom to those who dare to listen. Turn it upside down, and it’s a bullish bull pennant-except no one’s cheering. As a bear pennant, it’s a disaster waiting to happen. A veritable circus of despair!

Factor in that $BTC has recently lost major horizontal support, and the Stochastic RSI is turning down faster than a sneaky squirrel-this is a recipe for more downside than a greedy goblin’s pocket!

Huge tail to the downside provides some hope

In the higher time frame of the weekly, the tail down to $60,000 can still give the bulls some hope. This was quite some bottoming tail, like a crocodile’s yawn-long, dramatic, and slightly terrifying. In normal conditions, a bounce back to the upside would be expected more often than not. But in this environment, back-filling the long tail down looks as reasonable as a llama wearing a top hat.

Given that $53,000 is the full measured move out of the bear flag (in purple), this could be a possible target. That said, who knows when this will turn? A candle close back above $69,000 at the end of this week could turn the whole bearish mood around-but let’s be honest, that’s about as likely as a kangaroo juggling oranges.

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2026-02-18 20:06