Bitcoin Correction Is Not Over Yet, Analyst Says BTC Could Hit $120,000 If This Happens

Bitcoin recently rallied as high as $49,000, closely matching the 6.618 Fibonacci extension level from its 2022 correction lows. This key Fib ratio, based on golden ratio mathematics, often defines upside targets off of significant market bottoms.

However, as highlighted by trader Milkybull Crypto, Bitcoin has reversed lower over the past week after tagging this extension level. BTC now searches for support to end the nascent pullback. Milkybull eyes two key areas that could halt the slide and pave the way for higher continuation.

Notably, Glassnode co-founder Negentropic also cites historical precedent for Bitcoin bottoming out around Fib extension levels before embarking on its epochal bull market runs.

Comparing current price action to late 2017 and 2020, Negentropic speculates whether Bitcoin could now be carving out a launching pad for its next major surge toward $120,000.

Signposts of Accumulation Support Negentropic’s Outlook

Bitcoin has shown signs of accumulation behavior over recent months that support a brewing bullish outcome. These include the growing concentration of supply among long-term holders and miner reserve reductions, indicating institutional investors are scooping up discounted inventory with an eye toward the next halving cycle.

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If Bitcoin confirms a cyclical bottom pattern with a decisive breakout, measuring the next measured move from current levels points to that vaunted $120K target. However, with macroeconomic headwinds persisting in early 2024, timing remains the critical variable.

In conclusion, Bitcoin appears to be rhyming with historical recovery analogues in an encouraging fashion from a structural perspective. While short-term volatility remains elevated, long-term investors could have an opportunity over the coming months to position themselves for when this bearish winter thaws into Bitcoin’s next monumental bull spring.

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Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency