Bitcoin’s price correction after hitting around $65,000 can be attributed to it hitting the middle of the weekly Bollinger Band, which is often seen as a key technical resistance level. In the short term, the market seems to lack the momentum to break through this level immediately, as not only Bitcoin, but also other cryptocurrencies on the weekly chart have not shown signs of surpassing the middle of their respective Bollinger Bands. In this case, we may see one or more retracements, which is the process of prices retesting support levels.

If Bitcoin does undergo a third retracement and the price falls back to around $54,000, it may provide an ideal entry point for investors to consider establishing a 50% position or even a full position. However, if market sentiment is extremely pessimistic and the price falls further and hits new lows, Bitcoin may fall below $50,000, which would be an extremely aggressive buying opportunity, the so-called “all-in” price.

It is worth noting that although there is a possibility that the price will bottom out at $42,888, the probability of this scenario is low, and even if it occurs, the market may rebound quickly. Therefore, when the market falls again, investors should seize the opportunity, as this may be the last wave of entry opportunities to participate in the potential bull market in the future.

Please understand that the above analysis is not an investment advice. Before making any investment decision, it is strongly recommended to conduct in-depth research and evaluate the potential risks.

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