There is a specific factor that could mean the end of Bitcoin correction. Check out the latest reports about this below.
End of BTC correction is near
According to a well-regarded analyst, Bitcoin (BTC) needs to surpass a specific price range to indicate the end of its current stagnant price period.
Credible Crypto, a popular analyst on the social media platform X with 346,300 followers, believes that BTC is currently stuck within a narrow range. In the near future, Credible Crypto predicts that Bitcoin will experience a minor correction before rebounding.
“Still looking for a sweep of the lows under $25,200. I want to see $24,800 hold for a pushback into RED at $27,000.”
An analyst predicts that Bitcoin may experience a new uptrend if it manages to break above its range high, situated at approximately $28,200.
The analyst believes that such a breakout would likely signal the end of BTC’s consolidation period. In addition, the analyst suggests that two levels, namely $28,200 and $24,800, are crucial for bullish and bearish invalidations.
The trader is also closely monitoring the Bitcoin dominance (BTC.D) chart, which tracks the portion of the total crypto market cap that belongs to BTC.
Credible Crypto made sure to highlight the fact that BTC.D is indicating that the bear market price floor has already been set for Bitcoin.
According to Credible Crypto, a bullish BTC.D chart suggests that Bitcoin’s value is increasing at a faster rate than other cryptos.
This is due to the clean and trending price action that has been observed, which is a phenomenon that has not been seen for over two years.
On every BTC impulse since the $15,000 lows, there has been a higher high on BTC dominance, followed by a higher low and continuation.
This trend indicates that something is different this time around, and that the current rally is more significant than any other rally seen in the past two years. In essence, the message is clear: “the bottom is in, and we are entering a new impulsive environment,” as per the online pubcalition the Daily Hodl.
