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Is a correction necessary for Bitcoin to reach $100,000?
Bitcoin is becoming tired as it trades below $69,000, its 2021 high.
Investors should be cautious as the turbulent dynamic may return.
Sidelined purchasers may benefit from a short-term fall to $59,000 before BTC reaches $100,000.
Bitcoin (BTC) price, which reached an all-time high of $73,949 on March 13, is slowing. The tremendous ascent BTC has been on makes a short-term drop unimportant.
Bitcoin pricing at key levels
Bitcoin is trading at $67,557, below its ATH of $69,138, and at a crucial moment. If the latest weekly candlestick fails to break this important barrier, it might indicate a bearish market structure change. BTC might cause a sharper correction.
Bitcoin's rising odds will strengthen if it breaks $70,000 following a robust bullish surge. This might push BTC above $100,000 psychologically.
This prognosis may sound unlikely, yet in March 2020, BTC broke the $20,000 ATH and started a roughly 100% surge in four weeks. Bitcoin might reach $100,000 if history repeats itself.
BTC might fall to the weekly imbalance, $53,120 to $59,111, before rising again. This move would liquidate late bulls and boost short positions, which might be squeezed as the price rises.
Investors must be cautious moving ahead.
Bitcoin downturn continues into Asian session, liquidations quadruple to $660 million
The market outlook is favorable, but investors should remember that a swing failure pattern would occur if Bitcoin price fails to end a weekly candlestick above $69,000. This setting suggests the upswing is exhausted and may reverse.
After reaching an all-time high, Bitcoin seems unlikely to revert. If so, the weekly swing low at $42,000 must be broken to establish a lower low. The optimistic ETF flows and market outlook make this situation implausible.
A violent, short-term correction may result from the US Federal Reserve (Fed) cutting interest rates. Again, this perspective seems odd given market circumstances.
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