Bitcoin (BTC), the most important cryptocurrency out there, has encountered a major downturn following the waning hype round exchange-traded funds (ETFs), leading to a 9% decline over the previous fourteen days.
Nevertheless, Glassnode co-founders stay optimistic, asserting that the current value corrections align with historic patterns and will propel Bitcoin to new heights, practically doubling its present all-time excessive (ATH) of $69,000.
Wholesome Market Correction?
Of their newest evaluation, the co-founders of the blockchain analytics agency posted on X (previously Twitter), highlighting Bitcoin’s motion to the 6.618 Fibonacci Extension after a Bull Flag Correction.
They draw parallels between the present correction and related market circumstances noticed in late 2017 and 2020. The query arises: Will historical past repeat itself in 2024, and can Bitcoin attain its 6.618 Fibonacci Extension throughout this bullish market, setting a goal of roughly $120K?
Inspecting the chart above, the evaluation by the Glassnode co-founders reveals a comparable value correction following Bitcoin’s breakout above the $10,000 value degree, which initiated the bull development that propelled the cryptocurrency to a $15,000 improve earlier than reaching its present ATH of $69,000.
Likewise, Bitcoin exhibited an analogous bull flag sample after surpassing the $29,000 value degree, resulting in a 22-month excessive of $48,900 on January 11. Notably, this surge occurred shortly after the approval of Bitcoin spot ETFs by the U.S. Securities and Change Fee (SEC).
Contemplating these developments, the important thing to Bitcoin’s future trajectory lies in sustaining help across the $40,000 degree and additional consolidation above it. If these circumstances are met within the coming months, Bitcoin has the potential to achieve the 6.618 Fibonacci extension, pushing its value as excessive as $120,000.
New All-Time Highs Anticipated For Bitcoin
Like Glassnode co-founder’s current value evaluation, crypto analyst Crypto Con additionally depends on historic patterns to gauge the long run value motion of BTC. In accordance to Crypto Con, the mid-top of this Bitcoin value cycle occurred barely sooner than earlier cycles however slower than the third cycle.
Notably, this mid-top represents the one occasion the place it occurred exterior of an early prime, as indicated by the purple and yellow dots on the chart supplied by the analyst.
Regardless of the 2019 mid-top occurring a yr sooner than anticipated, the cycle prime nonetheless manifested throughout the common timeframe, plus or minus 21 days from November twenty eighth, 2021.
Crypto Con stresses that there’s at present no proof aside from complicated theories to help the notion of an accelerated cycle. The analyst cautions towards assuming that ETFs stop potential Bitcoin value corrections.
After November twenty eighth, 2024, Crypto Con predicts the emergence of recent all-time highs for the Bitcoin value of $90,000 or $130,000 and important development for the cryptocurrency market.
On the time of writing, BTC is buying and selling at $40,590, down 2.5% previously 24 hours. If this degree is breached, Bitcoin may drop in direction of the $37,650 degree as it’s the subsequent main help for the cryptocurrency.
Featured picture from Shutterstock, chart from TradingView.com
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