💥💥💥 #bitcoindip Sparks $78K Target Prediction: Can $BTC Reach This Milestone?
The crypto market has seen a 5.68% drop today, falling from a peak of $2.418 trillion on Tuesday to $2.28 trillion. Amid this decline, Bitcoin has revisited the $69,300 level.
Bitcoin has dropped 5.84% from its 7-day high of $73,600, initiating a corrective rally. With Bitcoin hovering above the $68,000 threshold, will the leading crypto dip below this key level?
Bitcoin Tests Critical 4-Hour Support Level
- On the 4-hour chart, Bitcoin’s recent pullback tests a crucial support trendline within a rising channel pattern.
- This #BEARISH📉 correction began with a double-top pattern near $72,700, facing rejection above the $73,000 level. The neckline of this bearish pattern established itself at $71,600. After breaking through, Bitcoin returned to the support trendline, which aligns with the 38.20% Fibonacci retracement level, signaling a potential bullish reversal.
- For a sustained recovery, Bitcoin must break through the 50% Fibonacci level at $70,310. If successful, Bitcoin could challenge the $72,700 double-top peak. However, if Bitcoin falls below this support line, it could trigger a more substantial sell-off.
Key support levels to monitor in case of further decline are $67,500 and $65,000.
Analyst Ali Martinez Sets $78K Target
- Crypto analyst #AliMartinez remains optimistic despite the pullback, recently reiterating his analysis predicting a minor correction to $69,000. Martinez suggests that if Bitcoin stays above $65,000, a surge to $72,000 remains likely.
- He further forecasts that after a pullback to $69,000, Bitcoin could see an upward move toward $78,000. The 4-hour chart’s Fibonacci levels suggest the next all-time high around $75,620, with an extended rally potentially targeting $82,183, aligning with the 161.80% Fibonacci level.
