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2 Levels To Watch If Bitcoin Sees A Major Correction Before $20,000

  • 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.
  • Read the full story here.

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