Bitcoin set for sharp correction to this ‘blessing’ level, says analyst
With Bitcoin (BTC) hitting a new all-time high above $125,000, an analyst has noted that the asset is likely to see more momentum, but investors should also expect a correction. According to Analysis by CrediBULL Crypto , the current rally marks the beginning of a broader move toward $150,000 and beyond, though a retracement to lower levels would be both natural and healthy for the market. In an X post on October 5, the analyst highlighted that Bitcoin is in the early stages of a new five-wave impulse pattern. Bitcoin price analysis chart. Source: CrediBULL Crypto Following the initial breakout, a corrective wave could drive prices back toward a key demand zone between $108,000 and $118,000. This area is identified as a potential accumulation zone where traders who previously shorted the market may be forced to cover, adding strong support. Additionally, the analyst noted that short-sellers between $118,000 and $108,000 are now trapped after the brea...