Search
Close this search box.

Bitcoin Correction Is Not Over Yet, Analyst Says BTC Could Hit $120,000 If This Happens

Table of Contents

Bitcoin recently rallied as high as $49,000, closely matching the 6.618 Fibonacci extension level from its bitcoin 2022 correction lows. This key Fib ratio, based on golden ratio mathematics, often defines upside targets off of significant market bottoms.
However, as highlighted by trader Milkybull Crypto, Bitcoin has reversed lower over the past week after tagging this extension level. BTC now searches for support to end the nascent pullback. Milkybull eyes two key areas that could halt the slide and pave the way for higher continuation.

Notably, Glassnode co-founder Negentropic also cites historical precedent for Bitcoin bottoming out around Fib extension levels before embarking on its epochal bull market runs.
Comparing current price action to late 2017 and 2020, Negentropic speculates whether Bitcoin could now be carving out a launching pad for its next major surge toward $120,000.

Signposts of Accumulation Support Negentropic’s Outlook
Bitcoin has shown signs of accumulation behavior over recent months that support a brewing bullish outcome. These include the growing concentration of supply among long-term holders and miner reserve reductions, indicating institutional investors are scooping up discounted inventory with an eye toward the next halving cycle.

Transform Hundreds Into Millions With the Magic of Memecoins – think $BONK, but bigger!

.rh-toggler-open{height:auto !important}
.rh-toggler-open .rh-tgl-show, .rh-toggler-open .rh-tgl-grad{display:none !important}
.rh-toggler-open .rh-tgl-hide{display:block !important}
.rh-tgl-show, .rh-tgl-hide{cursor:pointer}
.rh-contenttoggler *{box-sizing: border-box !important}
.rh-toggler-wrapper{overflow: hidden;transition: all 0.5s ease; padding-bottom: 35px; margin-bottom:30px;box-sizing: content-box !important;position: relative;}
.rh-toggler-wrapper p:last-of-type {margin-bottom: 0;}

The key? Getting in early, especially during the IDO phase. Get in on NuggetRush now! This innovative memecoin blends play-to-earn gaming with real-world gold mining. Join soon to take advantage of the current ICO prices! Show more +Show less –

If Bitcoin confirms a cyclical bottom pattern with a decisive breakout, measuring the next measured move from current levels points to that vaunted $120K target. However, with macroeconomic headwinds persisting in early 2024, timing remains the critical variable.
In conclusion, Bitcoin appears to be rhyming with historical recovery analogues in an encouraging fashion from a structural perspective. While short-term volatility remains elevated, long-term investors could have an opportunity over the coming months to position themselves for when this bearish winter thaws into Bitcoin’s next monumental bull spring.
You may also be interested in:

These Are the Two Possibilities for BTC Price With the Current Bitcoin Cycle
Why Ripple’s Recovery Will Be Faster Than Anticipated, XRP Expected to Rise to This Price Level
Why investors from Polygon (MATIC) and Tron (TRX) are buying into the new Pushd (PUSHD) presale

Check NuggetRush ($NUGX)

Sponsored: Invest Responsibly, Do Your Own Research.

Buy NUGX Today

Being in its ICO stage, NuggetRush offers a prime opportunity for early investors to get in at potentially lower prices A unique play-to-earn gaming platform in the memecoin market The platform combines artisanal and gold mining with cryptocurrencies in an unusual gaming context, offering a distinctive and immersive experience Fosters a strong community by encouraging physical meetups among members NFT Integration with Prominent Characters

The post Bitcoin Correction Is Not Over Yet, Analyst Says BTC Could Hit $120,000 If This Happens appeared first on CaptainAltcoin.

Leave a Comment

Your email address will not be published. Required fields are marked *

Most Popular

Get The Latest Updates

Subscribe To Our Weekly Newsletter

No spam, notifications only about new products, updates.

Related Posts

Posts is empty. Skip to content