Fun

Bitcoin Rally Loses Momentum: Could A Drop To $75,000 Signal The Final Correction?

News Feed - 2024-12-20 08:12:41

Este artículo también está disponible en español.


Since Donald Trump’s election victory on November 5, Bitcoin (BTC) has experienced a substantial rally, reaching record highs above $108,000. However, this momentumhas recently faltered, with the cryptocurrency dropping below the critical $100,000 mark,


This has prompted analysts to speculate on a potential deeper correction with some experts believing Bitcoin could dip to levels around $85,000 or even $75,000 before resuming its upward trajectory. Is It A Temporary Setback Or The Calm Before A Final Surge?


Analyst Morecryptoonl highlightsthat the current market dynamics suggest a substantial likelihood of Bitcoin moving toward $85,000. This projection stems from the observation that the recent wave of price action lacked the strength typically seen in bullish trends, failing to reach key extension levels. 


The “overlapping and corrective nature” of the rally highlighted by the analyst further supports the idea that a significant pullback may be imminent. Should this scenario unfold, it could represent the last major correction of the current bull market, setting the stage for a final surge in prices. Related Reading Ethereum To Outpace Solana In 2025, Bitwise CIO Asserts 1 day ago


Technical analyst Rekt Capital offers a contrasting perspective, assertingthat the perception of Bitcoin at $75,000 as a favorable entry point is relative to its current price of approximately $97,000. 


Rekt Capital further suggests that what seems like a bargain now may not have appeared as attractive when Bitcoin was previously at that level. 


Despite the bearish sentiment from some experts, others see the recent price correction as a significant buying opportunity. Analyst VirtualBacon argues that the market’s reaction to Bitcoin’s drop from $108,000 to $96,000 has been “exaggerated.”  Is Bitcoin Preparing For New Record Highs? 


VirtualBacon assertsthat this decline is not indicative of a market collapse but rather a healthy consolidation phase within an ongoing bull market. 


Historical data supports this view, as corrections of this nature often precede new highs. Key support levels, such as the weekly 21 exponential moving average (EMA) around $79,000 and the daily 200 EMA near $73,000, remain intact, suggesting that even a brief dip to these levels would not destabilize the overall bullish structure. Related Reading 400 Billion Shiba Inu Moved: Is A SHIB Price Crash Coming? 1 day ago


The underlying economic conditions also play a crucial role in shaping Bitcoin’s future, according to VirtualBacon. The recent Federal Reserve (Fed) actions, including a modest rate cutand a cautious approach to monetary policy, suggest a stable economic environment. 


While the Fed continues its policy of quantitative tightening (QT), the expectation is that this will not persist indefinitely. The rising US debt crisis is likely to necessitate a return to quantitative easing(QE), which has historically fueled bullish trends in crypto markets. 


In summary, the recent dip in Bitcoin’s price is viewed by many as a temporary setback rather than the end of the bull market. As long as Bitcoin maintains its position above critical support levels, the bullish trend remains intact.  The daily chart shows BTC’s price trending downwards. Source: BTCUSDT on TradingView.com


At the time of writing, BTC is trading at $97,720, down 3% for the 24-hour period and over 2% for the week.


Featured image from DALL-E, chart from TradingView.com

News Feed

Amaka Nwaokocha39 minutes agoSEC accepts BlackRock’s Bitcoin ETF application, signaling regulatory reviewThe SEC’s acknowledgment indicates the commencement of the official review process for BlackRock’s ETF propos
Bitcoin Games Releases ‘The Angry Banker’, Hosts a $12,000 Tournament
Bitcoin Games Releases ‘The Angry Banker’, Hosts a $12,000 Tournament Bitcoin Games releases its first exclusive slot game The Angry Banker with a $12,000 to
TimeCoin(TMCN) Is Planning to Offer an Innovative DeFi System Called Creator Sponsor Staking
TimeCoin(TMCN) Is Planning to Offer an Innovative DeFi System Called Creator Sponsor Staking press release PRESS RELEASE. TimeCoinProtocolis a decentralized sharing economy protocol
Jesse Coghlan7 hours agoDubai crypto regulator suspends BitOasis crypto exchange licenseBitOasis was the first crypto exchange to get an operating license in Dubai, which the local regulator has now suspended for not mee
Martin Young2 hours agoFTX, Genesis reach in-principle agreement to settle bankruptcy caseFTX and Genesis lawyers have sent a letter to the bankruptcy judge regarding a settlement agreement.946 Total views6 Total sharesL
Over the Last Year, Bitcoin’s Market Cap Slid From the World’s 8th Most Valuable Asset to the 26th Position
Over the Last Year, Bitcoin"s Market Cap Slid From the World"s 8th Most Valuable Asset to the 26th Position In Nov. 2021, bitcoin’s market valuation managed to make it into
Central Bank Gold Demand Rose at the Fastest Pace in 55 Years, Analyst Says Silver Could Outperform Gold in 2023
Central Bank Gold Demand Rose at the Fastest Pace in 55 Years, Analyst Says Silver Could Outperform Gold in 2023 According to a myriad of reports, the People’s Republic of Ch
William Suberg13 hours agoBitcoin trader eyes BTC price ‘Darth Maul candle’ as CPI due 2-year lowBitcoin is tipped to see classic volatility in BTC price around the CPI release, while liquidity remains tightly wrappe
$102M shorts liquidated as Bitcoin price surpassed $72K
Zoltan Vardai9 hours ago$102M shorts liquidated as Bitcoin price surpassed $72KBitcoin price is now eyeing the $73,000 level, right under its all-time high, where new short positions are beginning to stack up.8263 Total
Bitcoin, Ethereum Technical Analysis: BTC, ETH Move Lower on Thursday, After Hawkish Fed Rate Hike
Bitcoin, Ethereum Technical Analysis: BTC, ETH Move Lower on Thursday, After Hawkish Fed Rate Hike Bitcoin fell towards the $20,000 mark on Thursday, after the U.S. Federal Reserve
MiCA Amendments Proposed Last Minute Revive Threat of EU Ban on Bitcoin, Report Reveals
MiCA Amendments Proposed Last Minute Revive Threat of EU Ban on Bitcoin, Report Reveals Changes to the EU’s MiCA proposal to regulate crypto markets, suggested shortly befor
Wall Street Pepe ($WEPE) Raises $45M – Is This the Next Meme Coin to 100x?
Este artículo también está disponible en español. 2025 is shaping up to be the year of the Frog, if presales for Wall Street Pepe ($WEPE) are anything to go by. They̵