After officially achieving a new all-time high by market cap, all eyes are on Bitcoin and whether it will finally break through that elusive $20,000 threshold once more.
In the past 30 days, Bitcoin has undergone a true parabolic run, rallying above $18,000 and coming within 10% of its all-time high.
However, many traders are expecting a correction in the near term. The doomsday scenario of the Fibonacci retracement levels paints a bleak picture of a 50% correction to the .618 of around $9,000.
While that looks bad, the daily Bitcoin chart hints at levels people might be able to stomach better with the previous $17,000 resistance being the first level of support to hold, before potentially dropping to $14,000 and $12,500.
This would represent close to a 25% drop in the price of Bitcoin, but likely not enough to prevent retail buyers from shying away.
In fact, there might even be an increase in retail buyers that step in and potentially push the price of Bitcoin past $20,000.
Thus, it’s important for Bitcoin to find a new local bottom if the leading cryptocurrency is going to climb to new all-time highs.
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