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<p>The post <a href="https://coinpedia.org/price-analysis/bitcoin-faces-56-million-liquidation-challenge-will-btc-price-hit-the-49k-mark/" rel="noopener noreferrer nofollow">Bitcoin Faces $56 Million Liquidation Challenge; Will BTC Price Hit The $49K Mark</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>Cheeky Crypto recently reported a surge in Bitcoin liquidations, totaling $56 million, with 62.85% attributed to short positions. The market witnessed significant volatility, experiencing a downward move followed by an upward swing, presenting opportunities for traders.</p>
<p>The report highlights the recent market dynamics, stressing a potential correction in Bitcoin’s price. The analysis points to a target range of $42,319 to $42,196, with a focus on the recent wave movements. Cheeky Crypto identified a crucial support area between $41,250 and $41,946, anticipating a bounce upwards before a potential continuation of the downside move. The analysis considers the importance of reaching specific support levels, such as the 50 EMA at $41,100.</p>
<p>The analyst’s assessment incorporates Elliott Wave Theory, indicating the completion of a fifth wave and the beginning of a corrective phase. The report suggests a bounce upwards before a potential further decline, with attention to key support zones.</p>
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<h2 class="wp-block-heading" id="h-will-bitcoin-touch-49k"><strong>Will Bitcoin Touch $49k?</strong></h2>
<p>Analyst Dark Defender also shared about Bitcoin’s price, highlighting a key level at $29,058 on October 21, 2023. The analysis suggested that if Bitcoin closed above this level, it could potentially rise to $49,667; otherwise, a fallback to $18,000 might occur.</p>
<p>With weekly and monthly closures above $29,000, confirming the $49,000 target, Dark Defender identified this as a “#Corrective B Wave.” Drawing parallels with a past corrective action (2017-2019), Bitcoin’s current pattern appears similar. The focus now is on Bitcoin’s performance around the $49,000 Fibonacci Level. Dark Defender anticipates a significant response if Bitcoin approaches this mark.</p>
<p>Scenario 1 envisions Bitcoin touching $49,000, experiencing a small rebound, and attempting a breakthrough. Dark Defender raises the question of whether this signifies the end of the Corrective B Wave and the start of the Corrective C Wave. The analysis suggests the corrective phase might extend to $65,000-$69,000.</p>
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   <p lang="en" dir="ltr">On 21-Oct-23, we discussed a critical level of $29,058 for <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a>. <br><br>We said (tweet below) that if <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BTC</a> closes above this target, it will reach $49,667. <br><br>If BTC couldn't break here, it would have bounced back to $18k. <br><br>But Weekly and monthly candles closed above 29k, and our… <a href="https://t.co/px0wnez42p" rel="noopener noreferrer nofollow">https://t.co/px0wnez42p</a> <a href="https://t.co/hMyyyIlxk4" rel="noopener noreferrer nofollow">pic.twitter.com/hMyyyIlxk4</a></p>— Dark Defender (@DefendDark) <a href="https://twitter.com/DefendDark/status/1731982278975221939?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">December 5, 2023</a>
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<p>Expecting the Corrective C Wave, regardless of Bitcoin touching $49,000 or $69,000, Dark Defender foresees Bitcoin reaching its peak again. However, the final correction’s last leg is predicted to commence around 2024 Q4, targeting $18,000.</p>
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 <p>He wrote, “So I think BTC will top again. However, we will see the last leg starting somewhere correction in 2024 Q4, aiming for $18k&nbsp; with the final correction.”</p>
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Bitcoin Faces $56 Million Liquidation Challenge; Will BTC Price Hit The $49K Mark

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