Categories: Bitcoin

Bitcoin’s recent correction could just be a big bear trap

The strategist Cred believes the recent Bitcoin (BTC) price correction could just be a big bear trap.

In a new strategy session, the analyst says it is likely that Bitcoin is currently eliminating a weak hand below $ 60,000 before exploding in an epic rally.

“The only important level is the week high of $ 59,000. BTC concluded about it. It’s a price hike. The market is trading lower right now, possibly pulling back to last week’s lows around $ 54,000, but given the positive closing price, a bear trap at that low and then a bounce above is more likely. The first difficult area is around $ 60,000 and then the all-time high. ”

Bitcoin 1W diagram. Source: Credo

The strategist believes Bitcoin has about a week to close above the high range around $ 60,000 and confirm a bear trap.

“In the most optimistic case, not only the rescue week, but also the monthly and weekly. The current price campaign is only a partial wick. ”

However, Cred said that BTC could trigger a sell-off event if it fails to regain key levels by the end of the month.

“But failure to regain key levels would result in a failed breakout on the monthly and weekly charts, closing a high in the previous area ($ 60,000), above and eventually below. In any timeframe, on any chart, whenever such a scenario arises – a real attempt to break out and get back in – the target will be the middle and bottom areas. ”

Bitcoin 1M chart. Source: Credo

According to Cred, Bitcoin’s inability to exit above $ 60,000 in November could result in a market reversal propelling the price towards $ 50,000.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Annie

According to Dailyhodl

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Bybit Proof Of Reserve Shows Changes In BTC, ETH, And USDT

Bybit Proof of Reserve reveals BTC holdings at 50,412 (-8.55%), ETH at 525,641 (+8.11%), and…

54 minutes ago

Bitcoin Spot ETF Inflows Reach $449M With BlackRock Leading

Key Points: Bitcoin Spot ETF Inflows totaled $449M, led by BlackRock’s $1.45B contribution. Ethereum Spot…

2 hours ago

Best New Meme Coins to Join for 2025: BTFD Coin Leads, Popcat Keeps It Purr-fect, and Non-Playable Coin Hits Gamers Hard

Discover the Best New Meme Coins to Join for 2025. BTFD Coin's price rollback offers…

3 hours ago

Solana memecoins crash while DTX Exchange hits 100,000 TPS on layer-1 blockchain

Discover how DTX Exchange's historic achievement of 100,000 transactions per second on a layer-1 blockchain…

4 hours ago

Strategic Bitcoin Reserve Expected to Cut 35% of US National Debt by 2049

VanEck suggests the U.S. could reduce its national debt by 35% by 2050 through a…

4 hours ago

The New Lead of Presidential Crypto Council Appointed by Trump Is Bo Hines

President-elect Donald Trump named Bo Hines as the executive director of the presidential crypto council.

4 hours ago

This website uses cookies.