{"id":29959,"date":"2024-12-20T11:00:41","date_gmt":"2024-12-20T11:00:41","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=29959"},"modified":"2024-12-20T11:00:41","modified_gmt":"2024-12-20T11:00:41","slug":"bitcoin-rally-loses-momentum-could-a-drop-to-75000-signal-the-final-correction","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=29959","title":{"rendered":"Bitcoin Rally Loses Momentum: Could A Drop To $75,000 Signal The Final Correction?"},"content":{"rendered":"

Since Donald Trump\u2019s election victory on November 5, Bitcoin (BTC) has experienced a substantial rally, reaching record highs above $108,000. However, this momentum <\/a>has recently faltered, with the cryptocurrency dropping below the critical $100,000 mark,<\/p>\n

This has prompted analysts to speculate on a potential deeper correction with some experts believing Bitcoin could dip to levels around $85,000 or even $75,000 before resuming its upward trajectory.<\/p>\n

Is It A Temporary Setback Or The Calm Before A Final Surge?<\/h2>\n

Analyst Morecryptoonl highlights <\/a>that the current market dynamics suggest a substantial likelihood of Bitcoin moving toward $85,000. This projection stems from the observation that the recent wave of price action lacked the strength typically seen in bullish trends, failing to reach key extension levels.\u00a0<\/p>\n

The \u201coverlapping and corrective nature\u201d of the rally highlighted by the analyst further supports the idea that a significant pullback may be imminent. Should this scenario unfold, it could represent the last major correction of the current bull market, setting the stage for a final surge in prices.<\/p>\n

Technical analyst Rekt Capital offers a contrasting perspective, asserting <\/a>that the perception of Bitcoin at $75,000 as a favorable entry point is relative to its current price of approximately $97,000.\u00a0<\/p>\n

Rekt Capital further suggests that what seems like a bargain now may not have appeared as attractive when Bitcoin was previously at that level.\u00a0<\/p>\n

Despite the bearish sentiment from some experts, others see the recent price correction as a significant buying opportunity<\/a>. Analyst VirtualBacon argues that the market\u2019s reaction to Bitcoin\u2019s drop from $108,000 to $96,000 has been \u201cexaggerated.\u201d\u00a0<\/p>\n

Is Bitcoin Preparing For New Record Highs?\u00a0<\/h2>\n

VirtualBacon asserts <\/a>that this decline is not indicative of a market collapse but rather a healthy consolidation phase within an ongoing bull market.\u00a0<\/p>\n

Historical data supports this view, as corrections of this nature often precede new highs. Key support levels, such as the weekly 21 exponential moving average (EMA) around $79,000 and the daily 200 EMA near $73,000, remain intact, suggesting that even a brief dip to these levels would not destabilize the overall bullish structure.<\/p>\n

The underlying economic conditions also play a crucial role in shaping Bitcoin\u2019s future, according to VirtualBacon. The recent Federal Reserve (Fed) actions, including a modest rate cut<\/a> and a cautious approach to monetary policy, suggest a stable economic environment.\u00a0<\/p>\n

While the Fed continues its policy of quantitative tightening (QT), the expectation is that this will not persist indefinitely. The rising US debt crisis is likely to necessitate a return to quantitative easing <\/a>(QE), which has historically fueled bullish trends in crypto markets.\u00a0<\/p>\n

In summary, the recent dip in Bitcoin\u2019s price is viewed by many as a temporary setback rather than the end of the bull market. As long as Bitcoin maintains its position above critical support levels, the bullish trend remains intact.\u00a0<\/p>\n

At the time of writing, BTC is trading at $97,720, down 3% for the 24-hour period and over 2% for the week.<\/p>\n

Featured image from DALL-E, chart from TradingView.com<\/p>","protected":false},"excerpt":{"rendered":"

Since Donald Trump\u2019s election victory on November 5, Bitcoin (BTC) has experienced a substantial rally, reaching record highs above $108,000. However, this momentum has recently faltered, with the cryptocurrency dropping below the critical $100,000 mark, This has prompted analysts to speculate on a potential deeper correction with some experts believing Bitcoin could dip to levels […]<\/p>\n","protected":false},"author":0,"featured_media":29960,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-29959","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/29959"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=29959"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/29959\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/29960"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=29959"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=29959"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=29959"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}