- Bitcoin’s ongoing 2.5-month correction reflects an earlier 2024 retracement that points to an identical bearish trend.
- BTC risks breaking its 4-year high, potentially falling below $63,000, signaling an uncertain future for long-term investors.
- Analyst predict BTC could retest $83,500 resistance, with a breakout leading toward an all-time high of $109,000.
Bitcoin has entered a prolonged correction phase, echoing its earlier 2024 market retreat. According to the Daan Crypto post, the current retracement has lasted nearly 2.5 months, mirroring the percentage decline witnessed earlier this year. That previous correction endured for approximately five months, marking a similar bearish rhythm.
Daan points out that Bitcoin’s bullish runs are usually swift and are then each accompanied by prolonged and slower corrections. While the current dip in price is short-term in nature, its depth is consistent with previous market action. Buyers are encouraged to be patient and identify repeat patterns on larger charts instead of reacting to short-term price movements.
Bitcoin’s 4-Year Cycle Sees Bearish Test
The sustained bearish trend is testing the resilience of Bitcoin’s historical 4-year cycle. According to Alphractal, BTC’s recent performance suggests a potential anomaly in this cycle, signaling a possible shift in its historical price patterns. The advanced on-chain data platform shared insights through its BTC Price Radar, a metric that tracks price tops, bottoms, and Bitcoin Halving regions over four-year intervals.
Alphractal highlighted that if the price of BTC falls to $63,000 or below, this would be the first break in the cycle, signaling more volatility ahead. Such an event could spell unpredictability for Bitcoin, most importantly for long-term holders who will be facing an unfamiliar period in the market.
Analyst Foresees Bitcoin to Retest $83,500 Barrier
Even with the ongoing volatility that has registered a significant pullback for BTC, it has not lost all its upside potential. Market analyst Captain Faibik noted that BTC is still ranging in the Falling Wedge formation with rising fluctuations. Furthermore, there is an emerging bullish divergence on the daily timeframe, signaling increased momentum. Captain Faibik expects the price to rally to Bitcoin’s all-time high of $109,000, with a short-term retest of the $83,500 trendline resistance.
Bitcoin recently surged above $77,500, surpassing $79,500 and $80,000 resistance levels. The rally pushed the price to a high of $83,548 before it began a mild correction. BTC dipped below the $81,500 support level and the 23.6% Fibonacci retracement of the move from the $74,572 low to $83,548.
Currently, BTC is trading above $79,200 and the 100-hour simple moving average. Immediate resistance is near $80,500, with further key resistances at $81,500 and $82,500. A close above $82,500 could trigger further gains, potentially testing the $83,500 level, with the possibility of reaching $85,000 if momentum continues to build.
Read More: Will Bitcoin Hold the Line? Realized Price Becomes Key Battleground