Bitcoin (BTC) Price Rebounds, Ready for Bull Run? 🚀

The Bitcoin Price Correction: Will it Stop at $60,000?

The Bitcoin price is approaching its correction target of $60,000, which was previously predicted when the price was around $71,700. The question now is whether it will remain at $60,000 or continue to decline further.

Bitcoin Doomsday: Has BTC Already Hit its Peak?

Before analyzing the BTC price, let’s consider the worst-case scenario where Bitcoin might drop back to its previous low of around $15,500. However, given the current circumstances, this outcome seems less likely. Let’s explore a more realistic scenario.

Bitcoin’s 17% Drop: Brace for More Downside?

The Bitcoin price is currently 17% below its all-time high (ATH) of approximately $73,800. It is nearing the anticipated correction target of around $60,000. This aligns with the next significant Fibonacci support at approximately $60,270, where a bullish bounce could potentially resume the upward trajectory.

In a severe correction scenario, Bitcoin might target significant Fib support levels at around $51,500 and $36,000.
As long as Bitcoin remains above $36,000, the bullish trend remains intact.

Is Bitcoin Heading for Another 15% Drop?

If Bitcoin rebounds from the 0.382 Fib support around $60,270, it could face resistance at approximately $65,500 and $69,000. Breaking the golden ratio at $69,000 could indicate the end of the correction phase and pave the way for a new all-time high (ATH).

On the other hand, if Bitcoin breaks below the 0.382 Fib support, it may face further downside potential, targeting support at around $51,500.
Despite some bearish signals, such as the MACD histogram showing a bearish trend and the RSI being in overbought regions, the medium-term trend remains bullish according to the MACD lines and the golden crossover in the weekly chart.

What If Bitcoin Breaks Through Fib Supports?

In the daily chart, Bitcoin’s short to medium-term trend remains bullish. The golden crossover of the EMAs supports this trend. However, bearish signals are observed with the MACD lines crossing downwards and the MACD histogram showing a bearish trend despite the RSI being in neutral territory.

Bitcoin’s price is currently supported by the 50-day EMA around $58,783. A potential rebound zone exists between $58,783 and $62,270. Failure to hold these levels could lead to a significant correction with potential downside targets at around $36,000.

Bitcoin 4H RSI: Anticipating Bullish Divergence

In the 4-hour chart, bearish signals persist for Bitcoin as the MACD lines are crossed downwards and the MACD histogram trends lower. Although the RSI is approaching oversold territory, it does not indicate a bullish divergence. However, the EMAs maintain a golden crossover, suggesting a continued short-term bullish trend.

Bitcoin Dominance: Mixed Signals for Bulls and Bears

In the weekly chart, Bitcoin dominance shows mixed signals. The RSI indicates a bearish divergence and bearishly crossed MACD lines. However, the MACD histogram fluctuates between bullish and bearish movements. Additionally, the EMAs are nearing a bullish crossover, which would confirm a bullish trend in the medium term.

Resistance for Bitcoin dominance is significant at around 60.5%, while the next significant Fib resistance is around 49% on the downside.

Hot Take: The Bitcoin Price Correction and Future Outlook

The Bitcoin price is approaching its correction target of $60,000, but it remains uncertain whether it will stop there or continue to decline further. Here’s a summary of the key points:

The worst-case scenario of Bitcoin dropping back to $15,500 seems less likely given the current circumstances.
Bitcoin’s correction target aligns with the next significant Fibonacci support at approximately $60,270.
If Bitcoin rebounds from this support level, it could face resistance at around $65,500 and $69,000. Breaking the golden ratio at $69,000 could pave the way for a new all-time high.
In a more severe correction scenario, Bitcoin might target support levels at $51,500 and $36,000.
Despite some bearish signals in various chart indicators, such as the MACD histogram and RSI, the medium-term trend remains bullish according to other indicators like the MACD lines and golden crossover in the weekly chart.
In the short to medium term, Bitcoin’s trend remains bullish supported by a golden crossover of the EMAs in the daily chart.
Bearish signals persist in the 4-hour chart with crossed MACD lines and a lower trending MACD histogram. However, the EMAs maintain a golden crossover indicating a continued short-term bullish trend.
Bitcoin dominance shows mixed signals with a bearish divergence in the RSI and bearishly crossed MACD lines. However, the EMAs are nearing a bullish crossover, suggesting a potential bullish trend in the medium term.

As always, it’s important to monitor these indicators and price levels closely to make informed decisions in the volatile cryptocurrency market.

Sources: Tradingview, Tradingview, Tradingview