Bitcoin's recent price correction isn't just a simple correction. Previous reports indicate that Bitcoin's price plummeted, leading to a massive liquidation, but analysts believe this could be one of the most crucial moments in the long-term bullish structure of this cycle.
Cryptocurrency market expert Tara emphasizes that this correction is laying the foundation for Bitcoin's next major bottom. Her analysis points to a Wave 5 correction that could push BTC down to as low as $94,000 before a new uptrend begins.
Bitcoin Analysis: Why Is This Retracement Important for the Bull Cycle?
Technical analyst Tara revealed on social media that Bitcoin's recent price correction "may be the most significant correction in a long time." She sees this decline as a necessary process to prepare the leading cryptocurrency for a future rebound.
Meanwhile, there's interesting data showing that large financial institutions have increased their holdings of Bitcoin, potentially confirming this view. Her Elliott Wave analysis suggests there are only two waves left before a major market shift.
The primary reason Bitcoin's price correction is significant is that it allows the Relative Strength Index (RSI) to recover, creating the ideal conditions for a subsequent bullish divergence. This signal helps establish a stable price base for BTC, a key signal for the start of a new uptrend. The RSI remains weak at 33.96, and trading volume has decreased by over 48% over the past 24 hours, indicating that the market remains oversold.
Bitcoin Price Prediction: Path to $94,000 and Key Resistance
Tara's chart indicates a key Fibonacci retracement resistance zone between $103,400 and $104,900. The 0.382 Fibonacci retracement level is near $103,478, the point where Bitcoin's price crosses the moving average (MA), while the 0.5 Fibonacci retracement level is at $104,943. Analysts note that this price range could serve as a crucial turning point before BTC re-enters its fifth wave of correction, the final wave down to the $94,000 target.
Tara further clarified that Bitcoin could rally to $104,000, representing a 0.97% increase from current levels, before a 9.6% correction towards the $94,000 target. She anticipates a price bottom will emerge soon, but establishing strong support for a new bullish reversal may take longer, and the market may not experience a bullish trend until mid-December 2025.
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