Analysts who have a track record of accurately predicting Bitcoin corrections believe that BTC may be on its way.
Dave the Wave, a pseudonymous analyst on the social networking platform X told his 153.800 followers that Bitcoin could decline just above a Fibonacci retracement at $96,000.
Fibonacci levels of retracement are used in technical analysis to find out an asset’s resistance and support levels.
“The BTC technologist will find this chart very promising.”
Analysts say that Bitcoin’s correction back to the Fibonacci.382 extension will set it up for an explosive breakout of $160,000.
Analyst also shared a chart that shows Bitcoin’s Moving Average Convergence Divergence (MACD), which is flashing bullish.
MACD (moving average convergence divergence) is a technical tool that measures the trend and momentum of an asset while identifying potential areas for reversal.
“Another similar BTC movement up would be able to hit the Fib target, even if it was from an actual consolidation of 38%.”
The analyst also shares the daily Bitcoin chart, which shows that BTC has been repeating its 2024 pattern where it consolidates within a narrow range and then breaks out at new highs.
Bitcoin was trading at $104,755 as of the time this article is written, down by 1.1% over the past 24 hours.
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The post Bitcoin Set Up for a ‘Treasonable’ Correction According to the Trader that Called 2021 market cycle may be updated as new information becomes available.
