5 Reasons Bitcoin Price Can See Steep Correction Before $100K
The post 5 Reasons Bitcoin Price Can See Steep Correction Before $100K appeared on BitcoinEthereumNews.com.
Bitcoin investors have been looking forward to $100K levels as the bulls hold BTC above $90,000 on the weekly close. However, the latest on-chain data and metrics indicate Bitcoin price could face a steep correction of 10-15% ahead. This means that BTC price may slip to $76,000 first before resuming the next rally to $100K, which is also in line with technical chart patterns. Bitcoin Price Heading for a Steep Correction? Five on-chain metrics suggest that the Bitcoin price could be heading for a steep correction, with chances of taking a dive under $80,000. Popular crypto analyst Ali Martinez has mentioned five such metrics that flash warning signs ahead. 1. Bitcoin Fear and Greed Index In “Extreme Greed” The Bitcoin fear and greed index highlights the market sentiment on a scale of 1-100 with close to 100 being the condition of extreme greed and close to 1 being extreme fear. Currently, the score is 83/100 which shows a condition of extreme greed and caution ahead. Bitcoin Fear and Greed Index is 83 ~ Extreme GreedCurrent price: $89,882 pic.twitter.com/kmA4iEAno8 — Bitcoin Fear and Greed Index (@BitcoinFear) November 18, 2024 Analyst Ali Martinez noted: “This greed has spilled over retail investors as seen in a significant spike in Google search interest for Bitcoin”. 2. Profit Booking By Investors After Bitcoin Price Rally Analyst Martinez also noted that during the recent Bitcoin price rally, investors have realized $5.42 billion in profits, coinciding with a significant increase in the sell-side risk ratio, which has now reached 0.524%. Elevated sell-side risk ratios often signal increased selling pressure, potentially leading to heightened market volatility. Thus, as profit-taking grows, investors should maintain caution moving ahead, said Martinez. Courtesy: Ali Charts 3. TD Sequential Indicator Flashes Sell Signal From a technical perspective, the BTC TD sequential indicator presents…
Filed under: News - @ November 18, 2024 7:18 am