How low can#Bitcoingo?
Bitcoin is down 11% from its current all-time high, and is now targeting the $88,000-90,000 region for a potential bounce.
Bitcoin has fallen more than 11% over the past four days after surging to an all-time high above $108,360 on December 17.
Bitcoin Price, Bitcoin Analysis, Markets
BTC/USD Daily Chart. Source: TradingView
This drop has raised questions about whether this level is a local top for Bitcoin, and if so, how low Bitcoin can go in the coming days.
Bitcoin Fractal December 2023 Points to $88,000
Between December 2023 and January 2024, the BTC/USD pair has shown a circular accumulation pattern, consolidating within a rectangular range ($39,000-$46,000).
The current pattern shows a similar price action, with Bitcoin price stabilizing between $88,000 and $102,000. As of December 20, Bitcoin price could undergo a correction towards the lower boundary area of the channel defined by the $88,000-90,000 range.
If history repeats, Bitcoin could initially drop towards $88,000 in December, only to rebound towards the $102,000 resistance level and beyond.
