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Analyze BTC
BTC may be on the verge of significant market volatility; if it cannot reach a new all-time high, the fluctuations in the coming weeks could trigger a substantial correction. Although the long-term bullish sentiment remains strong, the short-term outlook depends on whether Bitcoin can maintain its upward momentum and avoid destructive setbacks, which could hinder or further impede its current rally.
If the price of Bitcoin cannot quickly break through its historical high, it may trigger a price crash—potentially erasing more than 50% of BTC's current value.
Bitcoin has reignited optimism among people over the past week, as its latest price soared above $123,000. Although the price of Bitcoin has retreated to just above $118,000 at present, forecasts suggest that Bitcoin is poised to set a new all-time high.
The next ATH target for Bitcoin is $129,948, aligning with the 1.618 Fibonacci extension level. Given that the current trading price of BTC is $118,612, this implies a steady price increase of 9.6%. It's worth noting that Bitcoin's previous consolidation zone was around $110,000 and $100,000, which corresponds with the Fibonacci retracement levels of 1 and 0.786. If the price retests, these levels will now act as potential support areas.
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