Bitcoin analysts say BTC price correction is just a ‘healthy consolidation’
Bitcoin (BTC) hit a new all-time high of $69,324 after the opening bell on Wall Street on March 5, before sharply correcting 9.75% to $59,323.
The price of Bitcoin has reached the “FOMO level” above $68,000
Data from Cointelegraph Markets Pro and TradingView showed Bitcoin trading 9% below its new all-time high of $69,170.
BTC is up 12% in the last seven days.
Market analyst Axel Kibar shared a chart showing Bitcoin reaching above $69,000, which he called a “FOMO level.”
In a March 4 post on X, Kibar sees BTC trading in the $65,000 and $68,000 range, with a November 2021 high of around $69,000. Investors are cautioned not to risk missing out on that level.
he said,
“$BTCUSD I don't believe this is an all-time high. Don't FOMO this part of the activity.
Alex Thorne, head of Galaxy Research, focused on Bitcoin's historic price action, especially when it briefly rebounded after hitting new all-time highs in 2020.
Tor suggests that if history repeats itself, BTC could drop 11.3% in 15 days before “truly breaking ATH” over the next few weeks.
BTC sends a sell signal on the daily chart
A possible dip in the mid to low $50,000s is a reset. On March 2nd, Peter Brandt shared a chart showing BTC trading in a broad parallel channel with short-term support at the middle range of the pattern below $55,000.
“I believe a dip below 55,000 would be a buying opportunity, although such a dip is not my prediction.”
Meanwhile, independent analyst Ali has sent a sell signal on the daily chart of the TD Sequence Indicator, warning traders to “keep a close watch” ahead of the price drop.
Boasting a good track record in predicting $BTC trends since the beginning of the year, this indicator previously signaled a buy before a 34% rise in early January and a sell in mid-February, followed by a 4.44% decline.
RELATED: Bitcoin price briefly hits new all-time high on support from BTC ETF
While other traders expect a deeper correction in the pre-half correction, technical analyst John Bollinger called it “small” in BTC price on March 5.
he said,
“We expect to take profits at new highs; that's the way things are, but this seems small. Is it energy, weak hands, or something else? Either way, a one-day loss doesn't make a big difference.”
Still, “a failed support attempt would be ugly,” Bollinger added.
Market data shows that traders were at the lows for the most recent run above $69,000. According to Coinglass data, more than $1.17 billion of leveraged positions were liquidated in the crypto market in the last 24 hours – $846 million of which was long liquidity. BTC long liquidity reached a total of $236.33 million.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
