Bitcoin

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<p>Bitcoin recently rallied as high as $49,000, closely matching the 6.618 Fibonacci extension level from its 2022 correction lows. This key Fib ratio, based on golden ratio mathematics, often defines upside targets off of significant market bottoms.</p> 
<p>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 <a href="https://twitter.com/MikybullCrypto/status/1749332105987801596" target="_blank" rel="noreferrer noopener nofollow">eyes</a> two key areas that could halt the slide and pave the way for higher continuation.</p> 
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<p>Notably, Glassnode co-founder Negentropic also <a href="https://twitter.com/Negentropic_/status/1749352356024619011" target="_blank" rel="noreferrer noopener nofollow">cites </a>historical precedent for Bitcoin bottoming out around Fib extension levels before embarking on its epochal bull market runs.</p> 
<p>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.</p> 
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<h2 class="wp-block-heading" id="signposts-of-accumulation-support-negentropic-s-outlook">Signposts of Accumulation Support Negentropic’s Outlook</h2> 
<p>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.</p>  
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<p>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.</p> 
<p>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.</p> 
<p>You may also be interested in:</p> 
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 <li><a href="https://captainaltcoin.com/expert-explains-why-ripples-recovery-will-be-faster-than-anticipated-xrp-expected-to-rise-to-this-price-level/" target="_blank" rel="noreferrer noopener">Why Ripple’s Recovery Will Be Faster Than Anticipated, XRP Expected to Rise to This Price Level</a></li> 
 <li><a href="https://captainaltcoin.com/why-investors-from-polygon-matic-and-tron-trx-are-buying-into-the-new-pushd-pushd-presale/" target="_blank" rel="noreferrer noopener">Why investors from Polygon (MATIC) and Tron (TRX) are buying into the new Pushd (PUSHD) presale</a></li> 
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<p>The post <a href="https://captainaltcoin.com/bitcoin-correction-is-not-over-yet-analyst-says-btc-could-hit-120000-if-this-happens/">Bitcoin Correction Is Not Over Yet, Analyst Says BTC Could Hit $120,000 If This Happens</a> appeared first on <a href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

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

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