After Bitcoin retraced nearly 19% from its recent highs, I believe it hasn’t yet reached the average cycle correction of around 22%, which could take the price down to about $57,500. In a more bearish scenario, the correction could deepen to 25%, or even extend toward $50,000.
Factoring in U.S. Federal Reserve interest rate cuts, will drive short-term volatility, it is likely that it will lead to market downturns before any stable recovery. Even if BTC does put higher and reach near $65,000,the short term upside would be capped as major selling pressure is likely to appear there. This makes the $60,500 level a reasonable point to short with a target of
around $59,000 at the 200EMA.
Factoring in U.S. Federal Reserve interest rate cuts, will drive short-term volatility, it is likely that it will lead to market downturns before any stable recovery. Even if BTC does put higher and reach near $65,000,the short term upside would be capped as major selling pressure is likely to appear there. This makes the $60,500 level a reasonable point to short with a target of
around $59,000 at the 200EMA.
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