Bitcoin Bull Cycle Coming to an End, Analysis Suggests; 60% Correction for BTC?
A recent analysis suggested that the bull cycle of the Bitcoin is coming to an end, with market expert known as Xanrox on TradingView estimating the end will be around 125 USDT. A 60% correction awaits BTC next year?
O Bitcoin price today 16/12/2024 saw a significant 3% increase that saw the asset trade above $106. Bitcoin reached a new all-time high this Sunday, December 15, reaching $106.352, driven by speculation that it could become a reserve asset in the United States. The recent price increase signals growing confidence among investors, who are positioning themselves to acquire more coins in the expectation of market stabilization.
When analyzing the recent price action of BTC, Xanrox highlighted his prediction of a strong correction of the asset of 60% to 50% between the years 2025/2026, which would represent a price drop to US$ 60 thousand for each Bitcoin. In the short term, the analyst emphasized that he expects a retreat to the bottom of the parallel channel.
“Bitcoin’s bull cycle is coming to an end. I think the end will be around 125.000 USDT, so you don’t want to buy the TOP. We can expect a 60% to 50% correction in 2025/2026 – that would be 60k per Bitcoin.”
“At the top of every bull cycle, many people get stuck with their holdings buying at near all-time highs and then experience a massive drawdown in their accounts due to Bitcoin’s extremely high volatility. In the short term, I expect a pullback to the bottom of the parallel channel, profit 1: 99405, profit 2: 94700,” he wrote.
Source: TradingView/Xanrox
At the time of publication, the price of Bitcoin was quoted at US$ 106.177 with an increase of 3.3% in the last 24 hours. In seven days, the cryptocurrency showed a significant recovery, rising 6%. The trading volume of Bitcoin (BTC) is US $ 83.173.309.567 in the last 24 hours, representing an increase of 35,70% in relation to a day ago and signaling a recent surge in market activity.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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