After the ‘sell the news’ event of the Spot Bitcoin ETF approvals, the bitcoin price did take a substantial hit. However, many analysts are expecting $BTC to correct a lot further. Will they be right, or does the market have a trick up its sleeve?
Bitcoin to confirm its base price structure?
Is it now the expectation that bitcoin has achieved its high, and that all that is left for the next weeks and months is for the king of the cryptos to continue to reverse in price, until the expected 30 to 40% correction has been fulfilled?
This certainly is a possible path for bitcoin. All previous bull market cycles saw $BTC return to confirm its base price structure before continuing its upward momentum, so why should this one be any different?
If this is the scenario that bitcoin is going to take, then $30,000 is a reasonable prediction for this drawback. $34,000 is also a possibility given that this would see the price being held by the 0.618 fibonacci.
$BTC price still holding supports
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We współpracy z: https://cryptodaily.co.uk/2024/01/bitcoin-plunge-still-a-big-possibility
