Market Analysis Shows Bitcoin at Critical Crossroads
Bitcoin’s recent price action has sparked intense debate in the crypto community, with over 6.5 million BTC addresses now in loss territory according to IntoTheBlock. As recent analysis predicted a potential $70K bottom, traders are closely watching key support levels that could determine Bitcoin’s next major move.
Technical Analysis Points to Long-term Bullish Structure
Despite the current market uncertainty, crypto analyst Philip (BasicTradingTV) emphasizes that Bitcoin’s long-term bullish structure remains intact. The monthly timeframe continues to show higher highs and higher lows, maintaining an uptrend dating back to 2017.
Key Price Levels and Market Implications
- Current Price: $82,555
- 24h Trading Range: $79,947 – $83,436
- Critical Support: $70,000
- Potential Target: $300,000
Historical Context and Future Projections
The ongoing 25% correction aligns with historical patterns, where Bitcoin has experienced similar drawdowns during bull markets. Previous cycles have seen corrections ranging from 25% to 40% before continuing their upward trajectory.
Market Outlook and Price Targets
While the $70,000 support level remains crucial, Fibonacci extensions suggest potential targets between $150,000 and $300,000. This aligns with recent analysis indicating strong support around current levels.
Source: https://www.newsbtc.com/news/bitcoin/bitcoin-to-70000-or-300000/