Bitcoin Price to Correct Soon? Analyst Reveals Key Levels to Watch

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As Bitcoin and the wider cryptocurrency market face a bearish spell, prominent analyst Titan of Crypto weighs in on Bitcoin’s trajectory for the coming month.

Bitcoin is currently treading water around the $57,000 mark, with Titan of Crypto painting a sobering picture of further decline. He anticipates Bitcoin dipping to $51,600 before any significant bullish momentum can be mustered.

#Bitcoin Correction to $51,600 and then $110,000?

Unfortunately #BTC closed the monthly candle below the $61,300, level we were monitoring carefully.

Hopefully it is just manipulation but if we stick only to the technical aspects, the 2Monthly chart just printed a reversal… pic.twitter.com/e0L6xIkRXb

— Titan of Crypto (@Washigorira) May 1, 2024

Glimpse of Optimism

Despite the prevailing pessimism, Titan of Crypto holds onto hope for a bullish resurgence. Should the bulls regain control, Bitcoin could soar past the coveted $100,000 mark. However, recent market movements, such as Bitcoin’s monthly candle closing below $61,300, have cast a shadow of doubt.

In the face of uncertainty, analysts scrutinize every market fluctuation for clues. The latest data reveals a troubling reversal candle on the two-month chart—a clear bearish signal. Yet, Titan of Crypto emphasizes that a single setback does not necessarily signal the end of the bull run.

Understanding Fibonacci Levels

Referencing historical trends, Titan of Crypto sheds light on Bitcoin’s potential retreat to the 38.2% Fibonacci retracement level—a crucial milestone often referred to as the ‘first stop’ in trading circles. Currently pegged at $51,600, this level serves as a litmus test for the sustainability of the bull market. A successful bounce could reignite investor confidence and propel the bull run forward.

However, the road ahead remains uncertain. A breach below the ‘first stop’ could trigger a deeper downturn or an extended period of consolidation. Should Bitcoin slide below $50,000, the once-promising bull run would face a formidable challenge.

Will Bitcoin bulls regain control, or are we headed for a crypto winter? Only time will tell.