- Bitcoin faces a $12,000 void, making it vulnerable to potential price drops.
- Analysts predict a 17%-19% correction, filling the CME gap between $80K-$77K.
- Historical trends suggest Bitcoin may experience a -15% pullback in Week 7.
Bitcoin’s price has been experiencing significant fluctuations with analysts trying to figure out what might happen next. As of press time, Bitcoin (BTC) is sitting at $94,077.17. Ali Martinez, a popular on-chain analyst, says there’s a big $12,000 gap between $87,000 and $75,000. This means there’s not much support in that range, which could make Bitcoin vulnerable to more price drops.
Martinez thinks this could make Bitcoin’s price even more volatile. EGRAG CRYPTO agrees and has outlined two possible scenarios for the coming months.
Bitcoin: Correction or Surge Ahead?
According to EGRAG CRYPTO’s analysis, Bitcoin could either face a correction or surge to higher levels. The first scenario is a possible 17%-19% fall, which would likely fill the CME gap between $80K and $77K. This could trigger a correction phase before Bitcoin starts moving up again.
Alternatively, Bitcoin might pump towards $120K, following the projections of “The Yellow Line” on a non-logarithmic chart. If this happens, a correction could follow later, maybe in March, like we’ve seen in past cycles.
Historical Trends Suggest a Correction is Looming
Bitcoin has a history of rapid price increases followed by corrections. Rekt Capital, another famous analyst, points out that in past cycles, Bitcoin went up for six to seven weeks before dropping significantly.
Read also: Bitcoin Price Crash? Arthur Hayes Predicts March Meltdown
In 2013, the first major correction occurred after six weeks of price gains. In 2017, Bitcoin fell 34% after seven weeks. And in the 2020/2021 cycle, it had a 16% pullback after six weeks. This cycle seems to be doing the same thing. Bitcoin is now in Week 7 of its current rally, and a 15% drop could be on the way.
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