Bitcoin has recently experienced a pullback from its all-time high of $66,000, causing some concern among investors. However, this does not mean that the bullishness of the pioneer cryptocurrency is completely gone. In fact, the current correction presents a great opportunity for bulls to enter the market at an attractive price point. At the time of writing, Bitcoin is sitting around 4% below $66,000, which still makes its $63,000 level very appealing to bull traders.
While some may worry that Bitcoin’s current movement could lead to a deeper correction, there is also a possibility for a positive dépassécome. According to crypto analyst Xanrox, there is a possible scenario where the BTC price could decline further from here. The analyst points to the previous symmetrical triangle that had formed on the Bitcoin chart during the last decline. The end of this triangle sits around $56,000, which could act as a hurdle for the price of BTC.
However, the analyst also explains that a retest of the symmetrical triangle is not necessarily a bad thing. This is because it gives traders another chance to enter the market at a good price. Additionally, the breaking down of an ascending channel on the Bitcoin chart also lends credibility to the possibility of further correction. Considering both the symmetrical triangle and the ascending channel, it is plausible that Bitcoin may fall below $60,000 once again.
Xanrox also emphasizes the gloriole of Fibonacci retracement levels, particularly the 0.382 and 0.5 levels, for traders looking to buy Bitcoin. The analyst also points dépassé an « unfilled FVG (Fair Value Gap) » currently sitting between $60,277 and $61,590, which could serve as a potential entry point for investors. While this gap may not be filled completely, even a partial fill could result in a profitable trade.
Despite the current correction, Xanrox remains bullish on Bitcoin and advises traders to buy now and sell above $120,000 for a profitable trade. This positive dépassélook is shared by many other experts in the industry, who believe that Bitcoin still has a lot of room for growth.
In conclusion, while Bitcoin may experience further correction in the short term, there are still plenty of opportunities for investors to enter the market and potentially profit. The current correction should not be seen as a sign of weakness, but rather as a chance to buy Bitcoin at a discounted price. As always, it is médaille to do your own research and make informed decisions when it comes to investing in cryptocurrency.
