Bitcoin’s price has entered a correction phase with it dropping from its all-time high of $99,860.00 to $92,000 range, experiencing an 8% downside. However, this mild correction ignited speculations among the community about whether the king crypto will touch the $100K mark or retrace the $75K level.
At the time of writing Bitcoin’s price was trading at $93,248 with an intraday gain of 1.47% and holds a market cap of $1.84 Trillion according to TradingView data.
Experts Suggest a Solid Bounceback
While retail investors are anxious, several market experts predict a solid pullback after this minor correction. In an X post, market expert and analyst, Javon Marks expressed his confidence about a possible pullback in the Bitcoin price.
According to Javon, Bitcoin (BTC) has a historical trend suggesting there will be mild to no pullbacks as it approaches and surpasses Target 2. Currently, this cycle’s Target 2 is still over 20.7% away, set at $113,386. He also suggests prices will surge shortly.
Moreover, the market intelligence platform Santiment said that this is not the time for panic as in November month, the wallets with at least 10 BTC have now accumulated 63,922 more coins (worth $6.06B). As long as they keep moving their holdings in the right direction, bullish sentiment remains strong, and any decline may be short-lived.
Bitcoin On The Technical Charts
On the technical chart. Bitcoin price took a $90,682 level which is also a psychological support level. If buyers support the price then BTC may witness some crazy spike in the upcoming trading sessions.
However, the RSI and MACD indicators are pointing towards the mild bearishness. The MACD indicator forms a bearish cross and the red histogram, but the MACD and signal curve are still in the bullish zone.
The RSI indicator was trading at 62.82 below the 14-day SMA line suggesting a mild profit booking in BTC.
Furthermore, according to the technical summary of Tradingview, out of 26 indicators 2 are on the sell side, 9 are on the neutral side and 15 are buying side. The overall weightage of indicators is on the buying side suggesting bullish moves.
If buyers support the BTC price, it may soon smash the $100k level, but if the seller pulls the price down, it may test the $86,500 level.
Conclusion
Bitcoin has experienced a mild correction from its all-time high. Despite this dip, experts like Javon Marks predict a strong bounce back, with the potential to reach $113,386. Market sentiment remains bullish, supported by significant accumulation from large wallets. Technical indicators show mixed signals, but overall, the buying sentiment prevails.
