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The theory of the short-term correction and the $77,000 for BYBIT:BTCUSD by MisterCoinlover

After a more detailed analysis, I have now come to the conclusion that the current movements can best be compared with those from mid-July to early August this year. Only what we currently see is happening on a larger scale.

What is particularly captivating is the great similarity that the RSI indicator shows in these two marked phases.

The good thing about this Bitcoin forecast is tha it will become clear very soon whether it can be discarded or not. Because if this theory pans out, then a correction awaits the Bitcoin price very soon, correcting the price per BTC to $52,800 to $55,500 for a short time.

This would establish the previous high in the uptrend as a new support level and provide stability for a break with the all-time high.

If the scenario described above comes to pass and the movement continues in a similar fashion, then we would see a break of the all-time high in late October/early November.

Towards the end of the year, the Bitcoin price would reach a high of around $77,000. That would roughly correspond to the 1,618 Fibonacci level in this trend move.

In summary, this theory builds on the fact that the previous upward movement will continue in a similar fashion in the coming weeks based on the current consistencies in its early stages. At the same time, this argues against another large flood of retail investors in the coming months. In the long run, however, this course would be more bullish , as it would argue for the construction of a more stable and longer-term uptrend (=super cycle).

However, we know of course that one movement never perfectly resembles another. Even if we will see a similar course in the coming weeks, this Bitcoin forecast and the course shown here should therefore only be understood as a vague orientation. For all that may follow, it will require further more timely analysis.

Souce: Bitcoin Kurs Prognose

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