Bitcoin’s Price Correction: What to Expect Next
Bitcoin (BTC) has been making unsuccessful attempts to break the $70,000 mark, leading to speculation about its next price trajectory. With the upcoming halving event less than a month away, there is optimism that it will trigger another bullish rally. However, not everyone in the market is convinced of this outcome.
In a recent post on TradingView, crypto trading expert Alan Santana outlined potential correction targets for Bitcoin. This provides insight into what could be in store for the cryptocurrency in the near future.
Potential Downside for Bitcoin
Santana noted that the recent correction, which saw Bitcoin touch the $61,000 mark after three days of trading in the red, could indicate further downside for the digital asset. He described this as a high-probability trade setup and suggested that a down-move is likely to happen next.
“This is now a high-probability probability trade-setup. The bearish potential is very strong. The down-move has a high probability to happen next,” he said.
Santana also identified specific targets for this anticipated correction, including $53,500, $47,135, $40,200, and $33,525 after the initial target of $61,000 is hit.
Bitcoin’s Healthy Corrections
Despite forecasting a correction, Santana considers it a healthy and necessary market adjustment. He believes it presents an opportunity for seasoned investors to buy back at lower prices and for new entrants to join the market.
“It will go down only temporarily, based on the chart and historical data, and then resume going up,” he noted.
Looking ahead, Santana predicts substantial growth for the cryptocurrency market, including Bitcoin, in the coming years. He highlights 2024 and 2025 as potentially pivotal years for the market’s expansion.
It’s worth noting that Bitcoin briefly touched the $68,000 mark after the latest U.S. Federal Reserve meeting, which suggested the possibility of multiple rate cuts throughout the year. This announcement led to a surge in global stocks and cryptocurrencies, as reduced interest rates typically benefit risk assets like Bitcoin.
However, Bitcoin is currently facing challenges in reclaiming the $70,000 mark. This is partly due to significant outflows from certain spot exchange-traded funds (ETFs).
Bitcoin Price Analysis
At press time, Bitcoin is valued at $66,940, with a gain of over 6% in the last 24 hours. However, it has experienced an 8% decline over the past seven days.
In summary, it is crucial to monitor whether Bitcoin can maintain its valuation above the $60,000 mark. A drop below this level could potentially signal further correction.
Hot Take: The Future of Bitcoin
While there is uncertainty surrounding Bitcoin’s immediate future due to potential corrections, it is important to consider the long-term prospects of this cryptocurrency. Here are some key takeaways:
Potential for Bullish Rally
- The upcoming halving event could trigger another bullish rally for Bitcoin.
- Historical data suggests that temporary corrections are followed by upward movements.
Opportunities for Investors
- A correction presents an opportunity for seasoned investors to buy back at lower prices.
- New entrants can take advantage of the correction to enter the market.
Long-Term Growth
- 2024 and 2025 are potentially pivotal years for the expansion of the cryptocurrency market.
- Bitcoin is expected to experience substantial growth in the coming years.
Despite short-term challenges, Bitcoin’s long-term prospects remain promising. As with any investment, it is important to consider both the immediate risks and the potential rewards over time.
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