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Suspicions of an Bitcoin correction.

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For Bitcoin, a similar correction formation could result in a ±10% move to the $60,000 range, targeting the 50% Fibonacci level.

In the general group, I mentioned a possible correction for Bitcoin to around $60,000 and Ethereum to $2,800-$3,000. I have decided to temporarily exit my positions. If the correction occurs, we will look for entry points at lower levels.

#btc #bitcoin

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Looking at the liquidation levels for Bitcoin over the past three months, it appears that the market maker has cleared out the first batch of short traders. A 50% Fibonacci correction is needed to accumulate more short positions, making it easier for Bitcoin to rise above $70,000.

Currently, I'm considering this scenario: from the current prices, I anticipate a Bitcoin correction to around $60,000 and Ethereum to $2,800-$3,000, followed by a rise above $70,000.

How much higher?

If we compare the Fibonacci zones of 161.8%-227.20%, the target range is $89,000-$100,000. Limit orders are present in that area on the order maps from Binance and Coinbase.

If this scenario unfolds, we can conclude that this will mark the alt season and a significant rise in altcoins, along with the approval of the Ethereum ETF and an influx of 100-200 million traders from Hamster Kombat.