A trader known for some of his most accurate crypto market judgments said that the correction may not be complete after Bitcoin (BTC) suddenly dropped below $58,000.
Pseudonymous analyst Dave the Wave To tell 146,700 followers on social media platform X are closely monitoring whether Bitcoin holds as support at the key Fibonacci retracement level.
Based on historical precedent, analysts accurately predicted It could go down to about $58,000.
“We don’t see much drama in BTC at the moment, but it’s still range-bound and still has some wiggle room up to the 0.382 fib, which was the benchmark for the previous consolidation. Perhaps much of the tension is now in the price This comes from the fact that it fluctuates in the thousands, but in terms of percentages, Bitcoin is normal.
However, the analyst Warning A break below the .382 Fibonacci level, which is around $58,000, could cause Bitcoin to plummet to around $48,000.
“$58,000 is a 0.382 real retracement of the recent move, which is equivalent to the previous move. Now effectively hit. Let's see if it holds. If not, then the odd dollar There could be a significant correction in BTC to $48,000.
He also Warning If Bitcoin continues to fall, altcoins are likely to crash.
“If Bitcoin falls further, alt currencies will probably fall as well. We have set some bids.”
Bitcoin is trading at $57,017 at the time of writing, down 5.9% at the time of writing.
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