TL;DR
- Bitcoin is currently experiencing a downward trend in its price, falling below the $70,000 mark. Which has led to uncertainty among investors.
- A trading expert suggests that BTC could drop below $60,000 after the halving event, based on historical analysis and Fibonacci patterns.
- Although Bitcoin has shown an upward trend, each new increase in its price appears to be less pronounced, indicating a possible slowdown in its bullish momentum.
Aside from being the flagship of the crypto industry, Bitcoin has been intensely analyzed and monitored recently. A notable downward trend in BTC’s price has been detected, currently standing below $70,000. The recent plunge has unleashed uncertainty among investors and has led many to wonder what the cryptocurrency’s next move could be.
A trading expert recently made an interesting projection about Bitcoin’s future after the halving event. He suggests that BTC could be gearing up for a significant price correction, dropping below $60,000. The prediction is based on the analysis of TradingShot. Who observes certain historical patterns indicating a possible retracement to the 0.382 Fibonacci retracement level on the one-week chart. According to this analysis, previous corrections have shown a tendency to retreat to this level before rising again.
The expert’s analysis also highlights that, although Bitcoin has been experiencing an upward trend since the low reached in November 2022, each new increase in its price appears to show slightly weaker performance in terms of percentage gain. This suggests a possible slowdown in the driving force behind BTC.
Will Bitcoin Reach the Long-Awaited $100,000?
Despite the short-term correction projection, the expert also suggests that. After this drop below $60,000, BTC could recover and eventually reach the expected $100,000 in a new rally. However, investors are advised to stay vigilant and consider taking profits around $100,000 to manage medium-term risks.
On the other hand, the recent drop below $70,000 coincides with a broader economic context, where U.S. Treasury bond yields have reached highs and the dollar has maintained its strength. This suggests that external factors may also be influencing the cryptocurrency’s movements.
If the forecast is fulfilled, the correction could be seen as an opportunity for those looking to buy the cryptocurrency at lower prices before a possible new rally towards $100,000. However, as always in the trading world. It is important to consider the risks and conduct thorough analysis before making any investment decisions.
