Since Trump won the election on November 5, Bitcoin (BTC) has soared, breaking through the $108,000 mark and setting a new high. However, the recent rally seems to have lost momentum, and the price has fallen below the key support of $100,000, leaving investors and analysts wondering: Will Bitcoin's correction continue, even falling to $75,000?
Is the slowdown in gains a temporary setback or the final correction of the bull market?
The current market trend has led many analysts to believe that Bitcoin may pull back to $85,000 or even lower. Morecryptoonl analysts pointed out that the recent rally lacked strong momentum and failed to break through the key extension level, which increased the possibility of a pullback. More importantly, the "overlap and correction" characteristics of the rally seem to indicate that a deep correction is coming. And this adjustment may prepare for the next explosive rise.
However, another technical analyst, Rekt Capital, holds a different view. He believes that if Bitcoin falls to $75,000, it will be a relatively favorable buying opportunity, especially compared to the current price of around $97,000. Nevertheless, Rekt Capital also warned that the current price range does not necessarily mean that it is a "cheap" entry point, and investors need to be cautious.
Does a short-term pullback mean the bull market is coming to an end?
Many analysts do not agree that the market will enter a bear market. VirtualBacon pointed out that this pullback of Bitcoin does not mean a market crash, but a normal consolidation phase in the bull market. Historically, such adjustments are often a prelude to new highs.
In particular, he mentioned that Bitcoin’s key support levels remain solid. The weekly 21-day exponential moving average (EMA) is around $79,000, while the daily 200-day EMA is around $73,000. As long as Bitcoin remains stable above these support levels, the overall bullish trend will continue.
Future Outlook: Fed policy may be key
The future of Bitcoin is not only determined by technical charts, the macroeconomic environment also plays an important role. VirtualBacon also emphasized that the Fed's recent actions, such as moderate interest rate cuts and prudent monetary policy, have injected confidence into the market. And despite the Fed's implementation of quantitative tightening (QT) policies, many people believe that the intensification of the US debt crisis may force the Fed to turn to quantitative easing (QE) policies. Historically, quantitative easing tends to drive the rise of the cryptocurrency market, especially Bitcoin.
Conclusion: Bitcoin’s rally will not end easily
In summary, although the recent pullback has caused market anxiety, most analysts believe that the decline in Bitcoin prices is only a temporary correction and the overall bull market remains solid. The existence of key support levels has led many to believe that Bitcoin is likely to usher in a new upward cycle.
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