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Crypto analyst Jebb raised concerns about the ongoing Bitcoin rally as the cryptocurrency market experiences signs of uncertainty. With Bitcoin’s price soaring in recent weeks, reaching new highs, Jebb warned everybody about potential market corrections shortly.

During the video, Jebb pointed out several candlestick formations indicating indecision in the market, suggesting that the bullish momentum may wane. He also noted a notable decrease in bullish momentum since February 16th, indicating a possible shift in market dynamics.

What Next For Bitcoin Price?

He explained that Bitcoin has experienced a much-needed rally, surging by 250% over the past 457 days. In the last 28 days alone, Bitcoin has seen a rally of 37.78%. The cryptocurrency is currently approaching its all-time high of $69,000.

It’s anticipated that within the next 2 to 4 months, Bitcoin may trade at or above $69,000, surpassing its previous all-time high set in November 2022. However, recent days have seen the emergence of several significant candlestick formations, indicating potential shifts in the market

Jebb speculated on potential price corrections, suggesting that Bitcoin could drop to levels between $48,000 to $50,000 in the short term. These levels are important as they coincide with Fibonacci retracement levels and are seen as critical support zones in technical analysis.

Despite short-term concerns, Jebb remained optimistic about Bitcoin’s long-term prospects. He cited various positive market factors, including steady CPI figures, potential drops in the effective federal funds rate, and anticipating an Ethereum exchange-traded fund (ETF) in the coming months.

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Filed under: Bitcoin - @ February 24, 2024 6:16 am