Source: Cointelegraph.com NewsKey points: <\/p>\n
Bitcoin all-time highs matter little to those seeing a BTC price correction as long overdue.
\nBoth the latest surge and the bull market itself are on borrowed time, traders say.
\nComparisons to previous price cycles remain in use despite the booming institutional investment scene.<\/p>\n
Bitcoin (BTC) traders are calling for a pullback after all-time highs and seven \u201cgreen\u201d weekly candles.
\nBTC price momentum continues to be met with skepticism as commentators assume that lower levels will come next.
\nBTC price roadmap prepares for Q4 \u201ccycle peak\u201d
\nBitcoin hit its highest-ever levels this week, data from Cointelegraph Markets Pro and TradingView confirmed \u2014 but despite being up by a third in Q2 already, BTC\/USD remains unconvincing for many.
\nLong-term analysis suggests that not only is price action due to return lower to consolidate gains, but that the entire bull market is near completion.
\nAmong the latest prognoses calling for a \u201csanity check\u201d is that of trading resource Stockmoney Lizards.
\nIn one of its latest posts on X, it brought back a bull market roadmap from late 2023.\u00a0<\/p>\n
#Bitcoin This is our personal roadmap for this cycle. The most important key takeway message:1. Bullish momentum will continue, driven by mass adoption (ETFs, big institutions buying)2. We expect volatility and a possible correction in the mid-30ks in Q1 20243. New ATH in\u2026 pic.twitter.com\/t9xJYCsUSU\u2014 Stockmoney Lizards (@StockmoneyL) December 31, 2023<\/p>\n
\u201cIn December 2023 we posted this BTC roadmap (lower picture). I overlayed the actual chart with the same TF. Price is a bit lower, however, timelines are fairly accurate,\u201d it said. Source: Cointelegraph.com NewsKey points: Bitcoin all-time highs matter little to those seeing a BTC price correction as long overdue. Both the latest surge and the bull market itself are on… <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/129773"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=129773"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/129773\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=129773"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=129773"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=129773"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nThe chart itself shows Bitcoin\u2019s next \u201ccycle peak\u201d coming in Q4 this year, with the subsequent bear market taking BTC\/USD back to 2021 highs of $69,000.
\nOthers referenced historical BTC price action to argue for a more imminent correction.
\nTrader Crypto Chase noted that the price is now considerably higher than some typical bull market exponential moving averages (EMAs).
\n\u201cEvery time price deviates FAR outside the EMAs (circled areas), we always see a pullback,\u201d he told X followers.\u00a0
\n\u201cEven if that pullback if brief before more upside, it’s a pullback.\u201d
\nBTC\/USD 1-week chart with 21, 50 EMA. Source: Cointelegraph\/TradingViewThe post acknowledged the presence of increased institutional buying power this cycle, something which could skew price performance in bulls\u2019 favor.
\nBitcoin \u201clooks exhausted\u201d
\nAs Cointelegraph reported, various market participants have been expecting a significant comedown this month.
\nRelated: $107K fakeout or new all-time highs? 5 things to know in Bitcoin this week
\nSupport targets include everywhere from $105,000 to $90,000, with proponents seeing little fuel left in the bull market tank.
\n\u201cThis doesn\u2019t mean downside is coming immediately, it just means the bull run is likely coming to an end and I\u2019d rather not take the risk and hold spot here. See 2021 vs now,\u201d fellow trader Roman wrote in an X update on the topic.
\nRoman described Bitcoin as \u201clooking exhausted\u201d based on relative strength index (RSI) bearish divergences.
\nBTC\/USD 1-week chart with RSI data. Source: Roman\/XThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"