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Bitcoin May Rally to $120K After 7% Drop : Says Analyst
The cryptocurrency market is known for its unpredictability and volatility, and the latest price movement of Bitcoin (BTC) has left many traders in a state of confusion. The world’s largest digital currency by market capitalization recently dropped by 7%, plummeting to a new low of $100,544.
Despite this significant decline, one analyst, Crypto Patel, suggests that this downward trend could be short-lived. According to his Elliott Wave analysis, Bitcoin’s price is poised for a dramatic turnaround and potentially rally to an astonishing $120K or even as high as $135K after the correction concludes.
The price fall has brought critical attention to Bitcoin’s key support zones, with many market participants focusing on potential entry points. As per the provided data, this drop aligns perfectly with Crypto Patel’s Wave 4 correction analysis.
In a recent announcement, Crypto Patel highlighted that Bitcoin could potentially dip further towards $90,048 or even as low as $85,063 if its primary support level fails to hold at around $100,544. However, the analyst believes that the probability of this occurring is relatively low and instead predicts an imminent rebound.
Some market experts are signaling a significant recovery for Bitcoin holders, which could lead to a bull run. Meanwhile, others have been left questioning whether this current sell-off is indicative of a larger trend or just a short-term correction.
It is worth noting that the cryptocurrency’s recent dip has not deterred some investors from making bold predictions about its future value. This volatility is exactly what makes crypto such an attractive market for many traders and enthusiasts alike.
As always, the cryptocurrency landscape remains incredibly unpredictable, and one should never rely solely on any single analyst or prediction when deciding to invest in Bitcoin or any other digital asset.
Source: cryptonewsland.com
