Bitcoin (BTC) has made recent unsuccessful attempts to breach the $70,000 mark, leaving the market speculating about the next price trajectory, especially with the upcoming halving event less than a month away.
While there is optimism that the halving will trigger another bullish rally, there remains a segment of the market that is not entirely convinced.
In particular, crypto trading expert, Alan Santana, in a TradingView post on March 20 outlined potential correction targets for Bitcoin, shedding light on what could be in store for the maiden crypto.
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The analyst noted that the recent correction that saw Bitcoin touch the $61,000 mark amid three days of trading in the red, could signal further downside for the digital asset.
“This is now a high-probability probability trade-setup. <…> The bearish potential is very strong. <…> The down-move has a high probability to happen next,” he said.
As for specific targets during this anticipated correction, Santana pointed out that the first target being hit at $61,000 will likely be followed by subsequent targets at $53,500, $47,135, $40,200, and $33,525.
Bitcoin’s healthy corrections
Despite the forecast, the analyst considered the correction as a healthy and necessary market adjustment. He emphasized the opportunity it presents for both seasoned investors to buy back at lower prices and for new entrants to join the market.
“It will go down only temporarily, based on the chart and historical data, and then resume going up,” he noted.
Looking ahead, he forecasted substantial growth for the cryptocurrency market, including Bitcoin, in the coming years. He highlighted that 2024 and 2025 are potentially pivotal years for the market’s expansion.
It’s important to note that the projection comes after Bitcoin briefly touched the $68,000 mark fueled by the policy decisions of the latest U.S. Federal Reserve meeting, which opted to maintain interest rates at their current levels and suggested the possibility of multiple rate cuts throughout the year.
This announcement ignited a surge in global stocks and cryptocurrencies alike since the environment of reduced interest rates typically bodes well for risk assets such as Bitcoin.
In the meantime, Bitcoin is facing challenges in reclaiming the $70,000 mark, a factor that has been partly attributed to significant outflows from certain spot exchange-traded funds (ETFs).
Bitcoin price analysis
By press time, Bitcoin was valued at $66,940, marking a gain of over 6% in the last 24 hours. However, over the past seven days, BTC has experienced an 8% decline.
In summary, Bitcoin’s ability to maintain its valuation above the $60,000 mark remains a crucial point to monitor. A drop below this level could potentially signal further correction.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
