After reaching ATH, Bitcoin price has entered the correction phase. In the past 24 hours, the flagship currency plunged hard and dropped below $60,000. Meanwhile, Most altcoins followed suit, and the overall crypto market cap lost more than $150 billion since its peak earlier this week.
Bitcoin Price Enters Correction Phase !
As you can see in the chart, Bitcoin should test the resistance at $63,500k. On a successful breakout, the BTC bulls may possibly aim for a new all-time high.
On the downside, initial support is near $60,200. If Bitcoin price fails to hold above this level then the second support level at $58,800.
The daily chart remains positive with support of around $59.6k, which would place it back into the middle of the strong uptrend that dominated price action since early October. A period of sideways consolidation should set Bitcoin up for a renewed move higher.
Analyst Expects Bitcoin Price To drop at $57,000 level !
In a recent video, Popular crypto analyst and trader Michaël van de Poppe tells his 136,000 YouTube subscribers that the current Bitcoin correction is likely not yet over.
Based on Fibonacci levels, the previous high/low and Pivot targets to watch lie near $57,000.
Poppe believes that “this entire range ($57,000 -$59,000) that we’ve got here is actually the area that I want to see sustained in order to keep the momentum going.”
Once BTC is out of the correction phase, analysts expect a BTC price surge between 25%-50% once BTC regains its bullish momentum. As per the daily time frame, BTC price could still run all the way towards $75,000 with minor bearish divergence and a slight reversal. The Next Rally will most likely take the BTC price towards the $90,000 level.