BTC is poised to retest $56,000, according to Bitcoin price predictions.

Following a breach below a major support trend line, the price of bitcoin is falling.
The leading cryptocurrency is now vulnerable to a $56,568 fall objective.
According to the BTC IOMAP model, the bellwether cryptocurrency is unlikely to go below $56,000.

Following its all-time high on October 20, the price of bitcoin has continued to fall. After profit-taking, the dominant cryptocurrency might fall much deeper below $56,000, retesting important support levels.

The price of bitcoin is at risk of falling by 7%.

On October 22, the price of bitcoin dropped below a critical support trend line, exposing BTC to more negative risk. The leading cryptocurrency cut through the bottom border of the current ascending parallel channel pattern, indicating that it may now be headed towards critical support levels.

If selling pressure increases, Bitcoin will find immediate support at the 100 four-hour Simple Moving Average (SMA) at $59,452 before falling to the negative goal set by the ruling technical pattern at $56,568 (the 61.8 percent Fibonacci retracement level). Because the Momentum Reversal Indicator (MRI) printed a support line, suggesting strong strength of the line of…