2024

Mirror

Bitcoin

Bull Flag

Bitcoin (BTC), the largest cryptocurrency in the market, has encountered a significant downturn following the waning hype around <a href="https://www.newsbtc.com/breaking-news-ticker/breaking-sec-approves-all-11-spot-bitcoin-etfs-btc-price-holds-steady-at-46000/" target="_blank" rel="noopener ">exchange-traded funds </a>(ETFs), resulting in a 9% decline over the past fourteen days.&nbsp; 
However, Glassnode co-founders remain optimistic, asserting that the recent price corrections align with historical patterns and could propel Bitcoin to new heights, nearly doubling its current all-time high (ATH) of $69,000. 
<h2 id="healthy-market-correction">Healthy Market Correction?</h2> 
In their latest <a href="https://x.com/Negentropic_/status/1749352356024619011?s=20" target="_blank" rel="noopener nofollow">analysis</a>, the co-founders of the blockchain analytics firm posted on X (formerly Twitter), highlighting Bitcoin’s movement to the 6.618 Fibonacci Extension after a Bull Flag Correction.&nbsp; 
They draw parallels between the current correction and similar market conditions observed in late 2017 and 2020. The question arises: Will history repeat itself in 2024, and will Bitcoin reach its 6.618 Fibonacci Extension during this bullish market, setting a target of approximately $120K? 
<img loading="lazy" decoding="async" class="size-large wp-image-570810" src="https://www.newsbtc.com/wp-content/uploads/2024/01/GEbyKQ4XsAAl3q1.jpeg?w=860&amp;resize=860%2C403" alt="Bitcoin " width="860" height="403" srcset="https://www.newsbtc.com/wp-content/uploads/2024/01/GEbyKQ4XsAAl3q1.jpeg?w=2548 2548w, https://www.newsbtc.com/wp-content/uploads/2024/01/GEbyKQ4XsAAl3q1.jpeg?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/01/GEbyKQ4XsAAl3q1.jpeg?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/01/GEbyKQ4XsAAl3q1.jpeg?w=860&amp;resize=860%2C403 860w, https://www.newsbtc.com/wp-content/uploads/2024/01/GEbyKQ4XsAAl3q1.jpeg?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/01/GEbyKQ4XsAAl3q1.jpeg?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2024/01/GEbyKQ4XsAAl3q1.jpeg?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/01/GEbyKQ4XsAAl3q1.jpeg?w=1140 1140w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
Examining the chart above, the analysis by the Glassnode co-founders reveals a comparable price correction following Bitcoin’s <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-whale-addresses-hit-15-month-high-a-sign-of-growing-accumulation/" target="_blank" rel="noopener ">breakout </a>above the $10,000 price level, which initiated the bull trend that propelled the cryptocurrency to a $15,000 increase before reaching its current ATH of $69,000. 
Likewise, Bitcoin exhibited a similar bull flag pattern after surpassing the $29,000 price level, leading to a 22-month high of $48,900 on January 11. Notably, this surge occurred shortly after the approval of Bitcoin spot ETFs by the U.S. Securities and Exchange Commission (SEC). 
Considering these developments, the key to Bitcoin’s future trajectory lies in maintaining support around the $40,000 level and further consolidation above it. If these conditions are met in the coming months, Bitcoin has the potential to reach the 6.618 Fibonacci extension, pushing its price as high as $120,000. 
<h2 id="new-all-time-highs-expected-for-bitcoin">New All-Time Highs Expected For Bitcoin</h2> 
Like Glassnode co-founder’s recent price analysis, crypto analyst Crypto Con also relies on historical patterns to gauge the future price action of BTC. <a href="https://x.com/CryptoCon_/status/1749133387867078716?s=20" target="_blank" rel="noopener nofollow">According </a>to Crypto Con, the mid-top of this Bitcoin price cycle occurred slightly faster than previous cycles but slower than the third cycle.&nbsp; 
Notably, this mid-top represents the only instance where it occurred outside of an early top, as indicated by the purple and yellow dots on the chart provided by the analyst. 
<img loading="lazy" decoding="async" class="size-large wp-image-570807" src="https://www.newsbtc.com/wp-content/uploads/2024/01/GEYpe45WgAA7G34.jpeg?w=860&amp;resize=860%2C454" alt="Bitcoin " width="860" height="454" srcset="https://www.newsbtc.com/wp-content/uploads/2024/01/GEYpe45WgAA7G34.jpeg?w=4096 4096w, https://www.newsbtc.com/wp-content/uploads/2024/01/GEYpe45WgAA7G34.jpeg?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/01/GEYpe45WgAA7G34.jpeg?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/01/GEYpe45WgAA7G34.jpeg?w=860&amp;resize=860%2C454 860w, https://www.newsbtc.com/wp-content/uploads/2024/01/GEYpe45WgAA7G34.jpeg?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/01/GEYpe45WgAA7G34.jpeg?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2024/01/GEYpe45WgAA7G34.jpeg?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/01/GEYpe45WgAA7G34.jpeg?w=1140 1140w, https://www.newsbtc.com/wp-content/uploads/2024/01/GEYpe45WgAA7G34.jpeg?w=3000 3000w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
Despite the 2019 mid-top occurring a year earlier than expected, the cycle top still manifested within the usual timeframe, plus or minus 21 days from November 28th, 2021.&nbsp; 
Crypto Con stresses that there is currently no evidence <a href="https://www.newsbtc.com/bitcoin-news/how-bitcoin-won-the-heart-of-this-financial-giant/" target="_blank" rel="noopener ">apart from complex theories</a> to support the notion of an accelerated cycle. The analyst cautions against assuming that ETFs prevent potential Bitcoin price corrections.&nbsp; 
After November 28th, 2024, Crypto Con predicts the emergence of new all-time highs for the Bitcoin price of $90,000 or $130,000 and significant growth for the cryptocurrency market.&nbsp; 
<img loading="lazy" decoding="async" class="size-large" src="https://www.tradingview.com/x/wugo2PMV/" alt="Bitcoin " width="1814" height="858"> 
At the time of writing, BTC is trading at $40,590, down 2.5% in the past 24 hours. If this level is breached, Bitcoin could drop towards the $37,650 level as it is the next <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-usdt-tether-8888-btc/" target="_blank" rel="noopener ">major support</a> for the cryptocurrency. 
Featured image from Shutterstock, chart from TradingView.com

Bitcoin Expected To Mirror Historical Trends: Glassnode Sets $120K Price Prediction For 2024

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