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The ongoing Bitcoin downside correction is strikingly similar to its price action in June-December 2019. BTC faces the prospects of reaching $47,500-$50,000 based on its current trend’s eerie similarity.
TradingShot, a market analytics platform, noted that a bullish divergence formation, coupled with a rebound from the 50-week SMA support, could again send Bitcoin prices to the 61.8% Fib level of the current top-to-bottom Fibonacci retracement graph.
In a chart provided by TradingShot, the 61.8% Fib level appeared near $47,500. Meanwhile, the other chart above showed the profit target near $50,000.
In other trending Bitcoin News today: Here’s the Worst Case Scenario for Bitcoin This Month, According to Crypto Analyst PlanB!
The widely followed analyst, who has gained a massive following for being the first to apply the stock-to-flow model (S2F) to Bitcoin, says the S2F is in a “make or break” phase, where it will either be further confirmed or invalidated in the next six months.
According to PlanB, the worst-case scenario for Bitcoin this month is a monthly close at $28,000. However, the Bitcoin bull says brighter days are ahead for the world’s leading crypto and notes that the worst possible monthly close for BTC in August is $47,000. He also asserts that $64,000 was not the peak of the bull run.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
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