Bitcoin’s price has entered a corrective phase, slipping from its record high of $99,860.00 to the $92,000 range, registering an 8% decline. This modest dip has sparked speculation within the community about whether the leading cryptocurrency will breach the $100K milestone or retreat to the $75K level.
As of the time of writing, Bitcoin was trading at $93,248, with an intraday gain of 1.47% and a market capitalization of $1.84 Trillion, according to TradingView data.
Retail investors are on edge, yet several market experts anticipate a significant rebound following this minor correction. Market analyst Javon Marks, in a post on X, voiced his confidence in a potential pullback in Bitcoin’s price.
Marks noted that Bitcoin has a historical pattern where there are minimal to no pullbacks as it nears and surpasses Target 2. In this cycle, Target 2, set at $113,386, is still over 20.7% away. He also foresees a price surge in the near future.
The market intelligence platform Santiment has also chimed in, stating that there is no cause for alarm. In November, wallets holding at least 10 BTC have amassed an additional 63,922 coins, valued at $6.06B. As long as these large holders continue to manage their holdings favorably, the bullish sentiment will endure, and any price drops may be short-lived.
On the technical front, Bitcoin’s price reached the $90,682 level, which serves as a psychological support. If buyers step in, BTC could experience a significant upward spike in upcoming trading sessions.
However, the RSI and MACD indicators are showing mild bearish tendencies. The MACD has formed a bearish cross and a red histogram, although both the MACD and signal curves remain in the bullish territory.
The RSI was trading at 62.82, below the 14-day SMA line, indicating some profit-taking in BTC.
According to Tradingview’s technical summary, out of 26 indicators, 2 are signaling a sell, 9 are neutral, and 15 are in the buy camp. The overall weight of the indicators tilts towards the buy side, suggesting a bullish outlook.
If buyers bolster the BTC price, it could soon break the $100K mark. Conversely, if sellers gain the upper hand, it might test the $86,500 level.
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