Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Analyst Predicts Bitcoin Could Face a 25% Correction

Analyst Predicts Bitcoin Could Face a 25% Correction

CryptodnesCryptodnes2024/11/28 01:11
By:Cryptodnes

Bitcoin's price, which was approaching the highly anticipated $100,000 mark, has unexpectedly dropped to $90,000, leaving investors uneasy and questioning whether a deeper decline is on the horizon.

While market corrections are often seen as routine, analysts suggest this downturn may persist as Bitcoin’s recent rally cools off.

Joe Consorti, a popular market analyst, has highlighted Bitcoin’s historical alignment with the Global M2 money supply. He predicts that if this trend holds, Bitcoin’s value could dip further, potentially reaching the $75,000 to $80,000 range.

UPDATE: One day after my last chart, bitcoin is now $5,000 lower, following the path set by global M2 several weeks ago very closely.

So far, this correlation is shockingly accurate.

We’ll have to see if BTC follows it all the way down, or stops short finds support.

🍿🍿🍿 pic.twitter.com/oEGOuYYRio

— Joe Consorti ⚡️ (@JoeConsorti) November 26, 2024

According to Consorti, Bitcoin’s price movements since September 2023 have mirrored the Global M2 supply with a delay of about 70 days, suggesting that the current correction is consistent with global liquidity trends.

READ MORE:
Bitcoin Still on Track for $100K, but Key Challenge Lies Ahead

Consorti emphasized the reliability of this correlation in recent months but left open the possibility of deviation, stating that it remains uncertain whether Bitcoin will fully follow the predicted bearish trajectory or find support sooner.

In a recent analysis, he warned that if this pattern continues, Bitcoin could face a correction of 20-25%, signaling a potentially turbulent period ahead for the market.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like