{"id":3210,"date":"2024-11-24T13:18:10","date_gmt":"2024-11-24T13:18:10","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=3210"},"modified":"2024-11-24T13:18:10","modified_gmt":"2024-11-24T13:18:10","slug":"bitcoin-correction-looms-as-analyst-predicts-fall-to-85600","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=3210","title":{"rendered":"Bitcoin Correction Looms As Analyst Predicts Fall To $85,600"},"content":{"rendered":"
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The price of Bitcoin (BTC)\u00a0 rose by 7.99% in the past week to reach a new all-time high of $99,655 on November 22. Thereafter, the maiden cryptocurrency has experienced a slight retracement in the past 48 hours falling to around $98,200. However, speculations of a major price correction continue to emerge considering BTC\u2019s impressive price rally over the past seven weeks.\n<\/p>\n

Why Bitcoin Must Move Above $100,535 \u2013 Analyst<\/strong><\/h2>\n

In an X post on November 23<\/a>, Ali Martinez shared an intriguing prediction on Bitcoin\u2019s potential price movement. According to the popular crypto analyst, the TD Sequential, used to spot potential price reversals, has indicated a sell signal on Bitcoin\u2019s 12-hour chart, suggesting an incoming price dip.\u00a0<\/p>\n

Martinez\u2019s latest forecast aligns with popular expectations of a Bitcoin price correction amidst the asset\u2019s 61.76% price gain from $60,500 in early October. This notion stems from various trading metrics and indicators.\u00a0For example, Bitcoin\u2019s Relative Strength Index has perpetually remained in the overbought zone suggesting potential for a sudden price pullback.<\/p>\n

Furthermore, fellow analyst Maartunn reports<\/a> that BTC\u2019s Fear & Greed Index has a 4.5-year high of 94. Generally, any Fear & Greed Index above 75 represents extreme greed among investors, which is overwhelmingly bullish but also presents room for overvaluation that precedes significant price corrections.<\/p>\n

Of more concern, Maartun also notes<\/a> that Bitcoin traders\u2019 unrealized profit levels have reached 57% and are gradually approaching the local peak of 69% in March 2024 adding to the increased potential of price correction.<\/p>\n

\u00a0<\/p>\n

\"Bitcoin\"<\/p>\n

According to Ali Martinez, if BTC undergoes the much-anticipated correction as indicated by the TD Sequential and other factors, the crypto market leader could fall to $91,583. Amidst strong selling pressure, Bitcoin could further slide to $85,610 indicating a potential 12.64% decline from its present market price.\u00a0<\/p>\n

However, Martinez also postulates that BTC could nullify the sell signal by the TD Sequential and avoid a major correction by closing above $100,535 on the 12-hour daily chart.\u00a0Considering Bitcoin\u2019s recent price movement and events such as excitement around Donald Trump\u2019s electoral victory<\/a> alongside increased ETF inflows<\/a>, an uptrend continuation is definitely a strong possibility.\n<\/p>\n

BTC Price Overview<\/strong><\/h2>\n

According to data from CoinMarketCap, BTC trades at $98,213 reflecting a 0.44% decline in the past day. In tandem, the asset\u2019s daily trading volume is valued at $44.02 billion having declined by 43.14%. However, Bitcoin remains largely profitable for long-term holders with gains of 45.06% in the past 30 days. With a market cap of $1.95 trillion, the premier cryptocurrency remains the world\u2019s largest digital asset.\n<\/p>\n

\"Bitcoin\"<\/div>\n","protected":false},"excerpt":{"rendered":"

The price of Bitcoin (BTC)\u00a0 rose by 7.99% in the past week to reach a new all-time high of $99,655 on November 22. Thereafter, the maiden cryptocurrency has experienced a slight retracement in the past 48 hours falling to around $98,200. However, speculations of a major price correction continue to emerge considering BTC\u2019s impressive price […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-3210","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/3210","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3210"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/3210\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3210"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3210"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3210"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}