2024

Bitcoin

when

<p>The post <a href="https://coinpedia.org/news/bitcoin-price-might-drop-to-this-level-before-initiating-bull-run/">Bitcoin Price to Correct Soon? Analyst Reveals Key Levels to Watch</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>As Bitcoin and the wider cryptocurrency market face a bearish spell, prominent analyst Titan of Crypto weighs in on Bitcoin’s trajectory for the coming month.</p> 
<p>Bitcoin is currently treading water around the $57,000 mark, with Titan of Crypto painting a sobering picture of further decline. He anticipates Bitcoin dipping to $51,600 before any significant bullish momentum can be mustered.</p> 
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   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> Correction to $51,600 and then $110,000?<br><br>Unfortunately <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> closed the monthly candle below the $61,300, level we were monitoring carefully. <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f440.png" alt="👀" class="wp-smiley" style="height: 1em; max-height: 1em;"><br><br>Hopefully it is just manipulation but if we stick only to the technical aspects, the 2Monthly chart just printed a reversal… <a href="https://t.co/e0L6xIkRXb">pic.twitter.com/e0L6xIkRXb</a></p>— Titan of Crypto (@Washigorira) <a href="https://twitter.com/Washigorira/status/1785618240699322399?ref_src=twsrc%5Etfw">May 1, 2024</a>
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<h2 class="wp-block-heading" id="h-glimpse-of-optimism">Glimpse of Optimism </h2> 
<p>Despite the prevailing pessimism, Titan of Crypto holds onto hope for a bullish resurgence. Should the bulls regain control, Bitcoin could soar past the coveted $100,000 mark. However, recent market movements, such as Bitcoin’s monthly candle closing below $61,300, have cast a shadow of doubt.</p> 
<p>In the face of uncertainty, analysts scrutinize every market fluctuation for clues. The latest data reveals a troubling reversal candle on the two-month chart—a clear bearish signal. Yet, Titan of Crypto emphasizes that a single setback does not necessarily signal the end of the bull run.</p> 
<h2 class="wp-block-heading" id="h-understanding-fibonacci-levels">Understanding Fibonacci Levels</h2> 
<p>Referencing historical trends, Titan of Crypto sheds light on Bitcoin’s potential retreat to the 38.2% Fibonacci retracement level—a crucial milestone often referred to as the ‘first stop’ in trading circles. Currently pegged at $51,600, this level serves as a litmus test for the sustainability of the bull market. A successful bounce could reignite investor confidence and propel the bull run forward.</p> 
<p>However, the road ahead remains uncertain. A breach below the ‘first stop’ could trigger a deeper downturn or an extended period of consolidation. Should Bitcoin slide below $50,000, the once-promising bull run would face a formidable challenge.</p> 
<p><strong>Will Bitcoin bulls regain control, or are we headed for a crypto winter? Only time will tell.</strong></p>

Bitcoin Price to Correct Soon? Analyst Reveals Key Levels to Watch

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