{"id":639668,"date":"2024-09-04T08:00:33","date_gmt":"2024-09-04T08:00:33","guid":{"rendered":"https:\/\/ktsl888.com\/?p=639668"},"modified":"2024-09-04T02:24:45","modified_gmt":"2024-09-04T02:24:45","slug":"critical-bitcoin-indicator-analyst-foresees-major-75-correction-ahead","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/bitcoin-news\/critical-bitcoin-indicator-analyst-foresees-major-75-correction-ahead\/","title":{"rendered":"Critical Bitcoin Indicator: Analyst Foresees Major 75% Correction Ahead"},"content":{"rendered":"

The Bitcoin price has been unable to break out of its current downtrend after losing the $60,000 mark this week, trading as low as $57,790 on Tuesday. However, one indicator is pointing to further price corrections for the largest cryptocurrency on the market that could send the coin well below current levels.\u00a0<\/span><\/p>\n

Bitcoin Faces Major Risks<\/span><\/h2>\n

In a recent <\/span>social media post<\/span><\/a>, crypto analyst Ali Martinez has pointed to the Stochastic Relative Strength Index (RSI) on Bitcoin\u2019s 2-month chart, which has recently indicated a trend reversal from bullish to bearish.\u00a0<\/span><\/p>\n

This is noteworthy because historical patterns over the past decade show that similar signals have often preceded significant price <\/span>corrections <\/span><\/a>of 84%, 59%, and an average of 75.5%.<\/span><\/p>\n

Related Reading: Crypto Firm Galois Capital Faces $200K Fine From US SEC For \u2018Investor Violations\u2019<\/a><\/div>\n

The Stochastic RSI is a momentum oscillator that measures the level of a security’s closing price relative to its price range over a specific period. When it indicates a bearish trend, it suggests that the asset may be overbought and due for a price drop.<\/span><\/p>\n

Interestingly, the last notable<\/span> trend reversal <\/span><\/a>occurred in 2022 when Bitcoin was trading around $60,000. Following that signal, the cryptocurrency plummeted to a cycle low of approximately $16,000 before embarking on a recovery that culminated in new all-time highs of $73,700 in March of this year.<\/span><\/p>\n

If the current bearish trend holds, Bitcoin could face a dramatic decline. Should a 75% correction materialize from its current trading level of $57,000, the largest cryptocurrency could potentially drop to around $14,200 per coin.\u00a0<\/span><\/p>\n

Such a significant downturn would likely dampen bullish expectations for the market, especially in a year marked by the <\/span>Halving <\/span><\/a>event that took place in April, which historically has been a catalyst for price increases.<\/span><\/p>\n

Can BTC Bounce Back After September?<\/span><\/h2>\n

In addition to the bearish sentiment in the market, which could spell short-term trouble for BTC, the leading cryptocurrency faces a challenging September, historically known as its worst performing month.\u00a0<\/span><\/p>\n

Market expert Alex Thorn <\/span>emphasizes <\/span><\/a>that over the past decade, Bitcoin has experienced declines in seven of the last ten Septembers, with losses ranging from 5% to as much as 18%.\u00a0<\/span><\/p>\n

\"Bitcoin\"
BTC’s calendar years performance. Source: Alex Thorn on X<\/a><\/figcaption><\/figure>\n
Related Reading: Stacks (STX) Drops 15% Despite Continuous On-Chain Developments \u2013 Details<\/a><\/div>\n

However, Thorn points out that October tends to provide a stark contrast to September’s <\/span>declines<\/span><\/a>. Historically, October has been Bitcoin’s best month, with the cryptocurrency often rebounding significantly. Gains in October have typically ranged from 20% to 52%, making it a critical month for bullish investors.\u00a0<\/span><\/p>\n

If Bitcoin can maintain lower support levels and successfully navigate September’s challenges, the market could be poised for a robust performance in October.<\/span><\/p>\n

\"Bitcoin\"
The daily chart shows BTC’s price trending downwards. Source: BTCUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n

Featured image from DALL-E, chart from TradingView.com <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The Bitcoin price has been unable to break out of its current downtrend after losing the $60,000 mark this week, trading as low as $57,790 on Tuesday. However, one indicator is pointing to further price corrections for the largest cryptocurrency on the market that could send the coin well below current levels.\u00a0 Bitcoin Faces Major Risks In a recent social media post, crypto analyst Ali Martinez has pointed to the Stochastic Relative Strength Index (RSI) on Bitcoin\u2019s 2-month chart, which has recently indicated a trend reversal from bullish to bearish.\u00a0 This is noteworthy because historical patterns over the past decade show that similar signals have often preceded significant price corrections of 84%, 59%, and an average of 75.5%. Related Reading: Crypto Firm Galois Capital Faces $200K Fine From US SEC For \u2018Investor Violations\u2019 The Stochastic RSI is a momentum oscillator that measures the level of a security’s closing price relative to its price range over a specific period. When it indicates a bearish trend, it suggests that the asset may be overbought and due for a price drop. Interestingly, the last notable trend reversal occurred in 2022 when Bitcoin was trading around $60,000. Following that signal, the cryptocurrency plummeted to a cycle low of approximately $16,000 before embarking on a recovery that culminated in new all-time highs of $73,700 in March of this year. If the current bearish trend holds, Bitcoin could face a dramatic decline. Should a 75% correction materialize from its current trading level of $57,000, the largest cryptocurrency could potentially drop to around $14,200 per coin.\u00a0 Such a significant downturn would likely dampen bullish expectations for the market, especially in a year marked by the Halving event that took place in April, which historically has been a catalyst for price increases. Can BTC Bounce Back After September? In addition to the bearish sentiment in the market, which could spell short-term trouble for BTC, the leading cryptocurrency faces a challenging September, historically known as its worst performing month.\u00a0 Market expert Alex Thorn emphasizes that over the past decade, Bitcoin has experienced declines in seven of the last ten Septembers, with losses ranging from 5% to as much as 18%.\u00a0 Related Reading: Stacks (STX) Drops 15% Despite Continuous On-Chain Developments \u2013 Details However, Thorn points out that October tends to provide a stark contrast to September’s declines. Historically, October has been Bitcoin’s best month, with the cryptocurrency often rebounding significantly. Gains in October have typically ranged from 20% to 52%, making it a critical month for bullish investors.\u00a0 If Bitcoin can maintain lower support levels and successfully navigate September’s challenges, the market could be poised for a robust performance in October. Featured image from DALL-E, chart from TradingView.com<\/p>\n","protected":false},"author":589,"featured_media":639670,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,485,656,679,755,1119,1122,1144,78790,6664,14690],"class_list":["post-639668","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-chart","tag-bitcoin-news","tag-bitcoin-price","tag-bitcoin-technical-analysis","tag-btc","tag-btc-price","tag-btcusd","tag-btcusdt","tag-crypto","tag-crypto-news"],"acf":[],"yoast_head":"\nCritical Bitcoin Indicator: Analyst Foresees Major 75% Correction Ahead<\/title>\n<meta name=\"description\" content=\"Bitcoin has been unable to break out of its current downtrend after losing the $60,000 mark this week, trading at $57,790 on 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With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies. Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology. Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry. One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision. Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities. Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth. However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape. Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge. With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.","sameAs":["https:\/\/instagram.com\/itsmarquez_fr?igshid=ZDdkNTZiNTM=","https:\/\/x.com\/Rmmcapital"],"url":"https:\/\/ktsl888.com\/author\/ronaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Critical Bitcoin Indicator: Analyst Foresees Major 75% Correction Ahead","url":"http:\/\/ktsl888.com\/bitcoin-news\/critical-bitcoin-indicator-analyst-foresees-major-75-correction-ahead\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/bitcoin-news\/critical-bitcoin-indicator-analyst-foresees-major-75-correction-ahead\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/09\/Screenshot_409.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/09\/Screenshot_409.jpg?fit=1317%2C741"},"articleSection":"Bitcoin News","author":[{"@type":"Person","name":"Ronaldo Marquez"}],"creator":["Ronaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin chart","bitcoin news","bitcoin price","bitcoin technical analysis","btc","btc price","btcusd","btcusdt","crypto","crypto news"],"dateCreated":"2024-09-04T08:00:33Z","datePublished":"2024-09-04T08:00:33Z","dateModified":"2024-09-04T08:00:33Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Critical Bitcoin Indicator: Analyst Foresees Major 75% Correction Ahead\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/bitcoin-news\\\/critical-bitcoin-indicator-analyst-foresees-major-75-correction-ahead\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/bitcoin-news\\\/critical-bitcoin-indicator-analyst-foresees-major-75-correction-ahead\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/09\\\/Screenshot_409.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/09\\\/Screenshot_409.jpg?fit=1317%2C741\"},\"articleSection\":\"Bitcoin News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Ronaldo Marquez\"}],\"creator\":[\"Ronaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin chart\",\"bitcoin news\",\"bitcoin price\",\"bitcoin technical analysis\",\"btc\",\"btc price\",\"btcusd\",\"btcusdt\",\"crypto\",\"crypto news\"],\"dateCreated\":\"2024-09-04T08:00:33Z\",\"datePublished\":\"2024-09-04T08:00:33Z\",\"dateModified\":\"2024-09-04T08:00:33Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/09\/Screenshot_409.jpg?fit=1317%2C741","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/639668"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/589"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=639668"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/639668\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/639670"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=639668"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=639668"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=639668"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}