Bitcoin $48,800 is the bottom
1. **Bitcoin Region 48,800 as the Absolute Bottom**:
- The 0.618 Fibonacci retracement level, also known as the golden zone, is a key area where significant support often occurs.
- Based on this analysis, 48,800 is identified as the absolute bottom, suggesting a strong support level at this price point.
2. **Short-Term Consolidation Around 50,000**:
- Bitcoin is expected to consolidate around 50,000, which often happens as the market digests recent price movements and traders establish positions.
- This consolidation phase could build the momentum needed for the next upward move.
3. **Next Move Up to 95,000 and 110,000**:
- After the consolidation phase, a significant upward move is anticipated.
- The first major target is 95,000, followed by a further move up to 110,000.
- These targets could be based on historical price patterns, market sentiment, and other technical indicators.
This thesis combines both Fibonacci retracement levels for support identification and potential future price targets, providing a comprehensive outlook for Bitcoin's price action.
- The 0.618 Fibonacci retracement level, also known as the golden zone, is a key area where significant support often occurs.
- Based on this analysis, 48,800 is identified as the absolute bottom, suggesting a strong support level at this price point.
2. **Short-Term Consolidation Around 50,000**:
- Bitcoin is expected to consolidate around 50,000, which often happens as the market digests recent price movements and traders establish positions.
- This consolidation phase could build the momentum needed for the next upward move.
3. **Next Move Up to 95,000 and 110,000**:
- After the consolidation phase, a significant upward move is anticipated.
- The first major target is 95,000, followed by a further move up to 110,000.
- These targets could be based on historical price patterns, market sentiment, and other technical indicators.
This thesis combines both Fibonacci retracement levels for support identification and potential future price targets, providing a comprehensive outlook for Bitcoin's price action.
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