{"id":19997,"date":"2024-12-30T10:48:27","date_gmt":"2024-12-30T08:48:27","guid":{"rendered":"https:\/\/forklog.com\/en\/bitcoin-faces-further-correction-before-reaching-new-highs-experts-warn\/"},"modified":"2024-12-30T10:48:27","modified_gmt":"2024-12-30T08:48:27","slug":"bitcoin-faces-further-correction-before-reaching-new-highs-experts-warn","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bitcoin-faces-further-correction-before-reaching-new-highs-experts-warn\/","title":{"rendered":"Bitcoin Faces Further Correction Before Reaching New Highs, Experts Warn"},"content":{"rendered":"<p>In the early hours of December 30, Bitcoin neared the lower boundary of its recent trading range ($92,500-$99,500) over the past ten days. Experts suggest the correction may continue before recovering to record levels, reports <a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-dips-below-94-k-bears-control\">Cointelegraph<\/a>.<\/p>\n<p>At the time of writing, Bitcoin is trading at $93,650, showing a <a href=\"https:\/\/www.coingecko.com\/\">1.5% decline<\/a> over the past 24 hours.<\/p>\n<p>The publication noted that the price has broken below the 20 <span data-descr=\"day moving average\" class=\"old_tooltip\">DMA<\/span> and is heading towards the 50 DMA, which is approaching $80,000.<\/p>\n<p>The RSI has not reached oversold levels, leaving room for bears.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/1-1380.webp\" alt=\"1-1380\" class=\"wp-image-248874\"\/><figcaption class=\"wp-element-caption\">Data: Cointelegraph.<\/figcaption><\/figure>\n<p>The cryptocurrency fear and greed index has fallen to 65 points. Such values were last observed on October 15, 2024.\u00a0<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/2-991.webp\" alt=\"2-991\" class=\"wp-image-248875\"\/><figcaption class=\"wp-element-caption\">Data:\u00a0<a href=\"https:\/\/alternative.me\/crypto\/fear-and-greed-index\/\" target=\"_blank\" rel=\"noreferrer noopener\">Alternative.me<\/a>.\u00a0<\/figcaption><\/figure>\n<p>Analyst Aksel Kibar has set a target of $80,000, anticipating the completion of a &#8220;head and shoulders&#8221; pattern.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">If the pattern acts as a H&#038;S top, the price target is at 80K. This can be the pullback to the broadening pattern that completed with a breakout above 73.7K. <a href=\"https:\/\/twitter.com\/search?q=%24BTCUSD&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$BTCUSD<\/a> <a href=\"https:\/\/t.co\/aWeNdWVkMz\">https:\/\/t.co\/aWeNdWVkMz<\/a> <a href=\"https:\/\/t.co\/QbGi08AfcH\">pic.twitter.com\/QbGi08AfcH<\/a><\/p>\n<p>\u2014 Aksel Kibar, CMT (@TechCharts) <a href=\"https:\/\/twitter.com\/TechCharts\/status\/1872259323692462237?ref_src=twsrc%5Etfw\">December 26, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>10x Research <a href=\"https:\/\/mail.10xresearch.co\/p\/is-the-bitcoin-bull-market-over\">highlighted<\/a> their expectations of volatility and disagreed with the common view of Bitcoin&#8217;s continued parabolic growth ahead of Donald Trump&#8217;s inauguration.<\/p>\n<p>Technical analyst and Factor LLC head Peter Brandt suggested that the price of the leading cryptocurrency is following the &#8220;Hump Slump Bump Dump Pump&#8221; model, with the last component yet to be fulfilled.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">If you are a Bitcoiner, take a look at this post from several years ago. <br \/>It describes the famous Hump Slump Bump Dump Pump chart construction in <a href=\"https:\/\/twitter.com\/search?q=%24BTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$BTC<\/a><br \/>Same thing could be happening now<a href=\"https:\/\/t.co\/GUVydv7F9b\">https:\/\/t.co\/GUVydv7F9b<\/a> <a href=\"https:\/\/t.co\/dW3uAar3OQ\">pic.twitter.com\/dW3uAar3OQ<\/a><\/p>\n<p>\u2014 Peter Brandt (@PeterLBrandt) <a href=\"https:\/\/twitter.com\/PeterLBrandt\/status\/1873164404424097801?ref_src=twsrc%5Etfw\">December 29, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The formation suggests a price movement with an initial rise (hump), followed by a decline (slump), recovery (bump), fall (dump), and a final rebound (pump).<\/p>\n<p>CryptoQuant founder and CEO Ki Young Ju agreed with Brandt.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> is in the &#8220;Hump Slump Bump Dump Pump&#8221; pattern. <a href=\"https:\/\/t.co\/kTuWnYPVX6\">https:\/\/t.co\/kTuWnYPVX6<\/a><\/p>\n<p>\u2014 Ki Young Ju (@ki_young_ju) <a href=\"https:\/\/twitter.com\/ki_young_ju\/status\/1873329839983452572?ref_src=twsrc%5Etfw\">December 29, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>QCP Capital previously noted the absence of a Christmas rally for the leading cryptocurrency.<\/p>\n<p>K33 Research pointed to a high probability of the bull run peaking on January 17.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the early hours of December 30, Bitcoin neared the lower boundary of its recent trading range ($92,500-$99,500) over the past ten days. Experts suggest the correction may continue before recovering to record levels, reports Cointelegraph. At the time of writing, Bitcoin is trading at $93,650, showing a 1.5% decline over the past 24 hours. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":19996,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1584,1146,1384,1145,1420],"class_list":["post-19997","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-10x","tag-cryptocurrency-market-forecasts","tag-fear-index","tag-market-analysis","tag-peter-brandt"],"aioseo_notices":[],"amp_enabled":true,"views":"20","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/19997","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=19997"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/19997\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/19996"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=19997"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=19997"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=19997"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}