Bitcoin

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<ul><li>Bitcoin&#39;s 20% correction may signal the &#39;anxiety phase&#39; of its sentiment cycle, hinting at potential further decline.</li><li>The recent attainment of the 78.6% Fibonacci level by Bitcoin indicates a potential decline to the 50% retracement point, approximately $32,700.</li><li>Rising USDT dominance points to a risk-averse market, potentially bearish for Bitcoin as investors prefer stablecoins&#39; safety.</li></ul>The recent dynamics of Bitcoin&#39;s (BTC) <a href="https://cryptotale.org/bitcoins-recent-price-dip-pushes-23-addresses-to-loss-positions-report/" rel="noopener noreferrer nofollow">price mirror</a> historical sentiment cycles, an observation that has become a focal point for investors and analysts. Traditionally, these cycles transition from capitulation to hope, optimism, and belief, before a phase of anxiety characterized by a price correction.According to Ali, a renowned blockchain figure, Bitcoin is undergoing a 20% correction, hinting at the anxiety phase of its sentiment cycle. This pattern has sparked discussions about whether this correction is a temporary setback or the beginning of a more significant downtrend.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/b1e2d217803e4ec79d60ecfc0db3478e.png" />Historically, during the last two bull cycles, Bitcoin has shown a<a href="https://x.com/ali_charts/status/1749727319906800077?s&#61;20" rel="noopener noreferrer nofollow"> tendency</a> to retrace to the 50% Fibonacci level after peaking at the 78.6% Fib level. Recently, Bitcoin reached this 78.6% Fib level, raising the possibility of a correction to around $32,700, which aligns with the 50% Fibonacci retracement. This historical pattern suggests that the current 20% decline might not be the trough of the correction.Read full article at <a href="https://cryptotale.org/is-bitcoins-20-drop-a-temporary-setback-or-start-of-major-downtrend/" rel="noopener noreferrer nofollow">CryptoTale.</a>

Is Bitcoin's 20% Drop a Temporary Setback or Start of Major Downtrend?

CryptoTale

Alte articole publicate pe 24 ian. 2024

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