Future

Bitcoin

<img width="1201" height="799" src="https://coingape.com/wp-content/uploads/2023/12/bitcoin-1-1-e1703918109602.jpg" class="attachment-full size-full wp-post-image" alt="Bitcoin Price" decoding="async" style="float:right; margin:0 0 10px 10px;" srcset="https://coingape.com/wp-content/uploads/2023/12/bitcoin-1-1-e1703918109602.jpg 1201w, https://coingape.com/wp-content/uploads/2023/12/bitcoin-1-1-e1703918109602-300x200.jpg 300w, https://coingape.com/wp-content/uploads/2023/12/bitcoin-1-1-e1703918109602-768x511.jpg 768w, https://coingape.com/wp-content/uploads/2023/12/bitcoin-1-1-e1703918109602-150x100.jpg 150w, https://coingape.com/wp-content/uploads/2023/12/bitcoin-1-1-e1703918109602-272x182.jpg 272w" sizes="(max-width: 1201px) 100vw, 1201px">
Bitcoin (BTC), the world’s largest and oldest cryptocurrency, had fallen below $42,000 today before recovering. The pullback could be attributed to over $10 million worth of BTC options expiry on Friday, December 29, 2023. However, in a recent post on X, Ali Martinez, a top crypto analyst, predicted that <a href="https://coingape.com/markets/bitcoin-price-prediction-as-pattern-threatens-16-down/" target="_blank" rel="noopener">Bitcoin price</a> could hit $50,000 before experiencing a 40% correction. 
<h2 id="analyst-s-insight-on-bitcoin-s-future-performance">Analyst’s Insight On Bitcoin’s Future Performance</h2> 
The above-mentioned prediction could seem to be bullish in the short-term but a massive correction would await thereafter. Considering a high of $50,000, a 40% correction would bring the price to as low as $30,000. Martinez made such a prediction considering Bitcoin’s pullbacks in the past. 
On X, he noted, “In 2016 and 2019, after finding a market bottom, #Bitcoin’s first major correction occurred upon reaching the 0.786 Fibonacci retracement level.” The analyst spotted a similarity between the historical trends and the current chart pattern. Hence, he concluded that if history repeats itself, BTC would propel up to $50,000 before a significant pullback. 
Also Read: <a href="https://coingape.com/crypto-analyst-predicts-bitcoin-price-correction-to-26k-before-hitting-130k-in-2025/" target="_blank" rel="noopener">Crypto Analyst Predicts Bitcoin Price Correction To $26K Before Hitting $130K</a> 
Both bulls and bears could take advantage of the opportunity. Bulls could choose to hold BTC considering the anticipated bull run and the possibility of hitting the $50,000 mark. Whilst, bears could rejoice if the price drops to $30,000, as suggested by Martinez. 
Furthermore, the correction to $30,000 would provide a better entry point for investors looking for more a affordable BTC price. However, if the BTC value plummets to such an extent, it could trigger a shakeout of the overleveraged long positions. 
<h2 id="bitcoin-price-decline-continues">Bitcoin Price Decline Continues</h2> 
In today’s trading session, Bitcoin fell below the $42,000 mark and recovered thereafter. Moreover, in the past seven days, it has lost over 3% in value after hitting $44,000. At press time, the <a href="https://coingape.com/price/bitcoin/" target="_blank" rel="noopener">BTC price</a> had dropped by 1.34% as the crypto traded at $42,112.96 on Saturday, December 30, 2023. In addition, the market cap slumped by 1.33% to $824.92 billion. 
However, the 24-hour trade volume registered a slight increase of 3.79% and was recorded to be $23.68 billion. Also, it’s worth noting that despite the strong declines recently, Bitcoin managed to provide 1-month returns of over 11% as it attained a high of $44,705.32 during this period. 
Also Read: <a href="https://coingape.com/markets/bitcoin-price-prediction-will-btc-recovery-surpass-50000/" target="_blank" rel="noopener">Bitcoin Price Prediction: Will $BTC Recovery Surpass $50000 in December?</a> 
The post <a href="https://coingape.com/top-analyst-expects-bitcoin-price-to-hit-50000-before-40-correction/">Crypto Analyst Warns Against 40% Correction After Bitcoin Price Climbs $50,000</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Crypto Analyst Warns Against 40% Correction After Bitcoin Price Climbs $50,000

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