Bitcoin (BTC) has made recent unsuccessful attempts to breach the $70,000 mark, leaving the market speculating about the next price trajectory, especially with the upcoming halving event less than a month away.
While there is optimism that the halving will trigger another bullish rally, there remains a segment of the market that is not entirely convinced.
In particular, crypto trading expert, Alan Santana, in a TradingView post on March 20 outlined potential correction targets for Bitcoin, shedding light on what could be in store for the maiden crypto.
The analyst noted that the recent correction that saw Bitcoin touch the $61,000 mark amid three days of trading in the red, could signal further downside for the digital asset.
Bitcoin price analysis chart. Source: TradingView
“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.
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