Bitcoin Likely To See 'Mid-Term Correction', Says Crypto Trader: Bull Market Is 'Just Taking A Break'
Portfolio Pulse from Khyathi Dalal
Popular Bitcoin trader Stockmoney Lizards predicts a mid-term correction for Bitcoin, citing a classic Wyckoff distribution pattern, triple top pattern, decreasing momentum, and a broken and retested neckline. The analysis also highlights macroeconomic factors like rising inflation and potential interest rate hikes by the Federal Reserve, contributing to a bearish outlook. Despite bullish signs, a correction is expected, with a potential target of low $50,000.
April 17, 2024 | 12:34 pm
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Bitcoin is expected to undergo a mid-term correction according to Stockmoney Lizards, with a potential target of low $50,000, influenced by chart patterns and macroeconomic factors.
The prediction of a mid-term correction for Bitcoin is based on technical analysis, including a classic Wyckoff distribution pattern and macroeconomic factors such as rising inflation and potential interest rate hikes. These factors contribute to a bearish outlook, despite bullish signs, indicating a potential drop in Bitcoin's price to the low $50,000 range.
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IMPORTANCE 90
RELEVANCE 100