(10/13, Wed) btc broke down the 50MA of 4hr chart in 12 days, but rebounded sharply to $56k

Yesterday(10/12 00:00 - 24:00, UTC+0), bitcoin price recorded its starting as $56904, its lowest as $53887, its highest as $57737, its closing as $56030. Bitcoin declined weakly after the start of Tuesday and rose, reaching a high at 05:45, then declining weakly, then starting a full decline from 13:15, with a large sell volume at 20:00, breaking below $54k and reaching a low. It rebounded sharply and ended with a final decline of -1.5%.

Looking at the 4-hour chart, btc broke below the 50MA that broke above on 10/1, but it immediately rebounded and supported at 50MA. Yesterday's low is -6.9% lower than short-term high, and yesterday's decline should end as a simple event for this month's bull market to continue. If it breaks below 50MA again, it can be considered a fall to $51k.

Looking at the daily chart, from $20k in December last year to $65k in April of this year, the rise and correction were repeated during grand bull market, and the upward period had continued for about 3 weeks on average. If this could be applied in the same way, this increase can continue for about 7-10 more days, and the target price can be expected to be around $75k.

According to a news in the cryptocurrency market, it is said that Miami Mayor Suarez said he's preparing a proposal to allow citizens to pay various utilities and taxes in the city with Bitcoin and also said that “the ability to pay city officials in Bitcoin as a salary is a major priority”. As such, as the number of usage of Bitcoin gradually increases, I guess the btc price increase can be expected.