{"id":659644,"date":"2024-12-10T07:00:36","date_gmt":"2024-12-10T07:00:36","guid":{"rendered":"https:\/\/ktsl888.com\/?p=659644"},"modified":"2024-12-09T18:52:27","modified_gmt":"2024-12-09T18:52:27","slug":"bitcoin-sees-first-close-above-100000-but-is-a-big-correction-coming","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-sees-first-close-above-100000-but-is-a-big-correction-coming\/","title":{"rendered":"Bitcoin Sees First Close Above $100,000, But Is A Big Correction Coming?"},"content":{"rendered":"

Bitcoin (BTC) closed the week above the $100,000 mark for the first time in history, concluding the crypto\u2019s massive week with another milestone. However, a market watcher has warned investors that historical patterns could soon lead the flagship crypto to a big correction.<\/p>\n

Related Reading: XRP Slides After Failing To Reclaim $2.9, What\u2019s Next For Bulls?<\/a><\/div>\n

Bitcoin First Weekly Close Above $100,000<\/h2>\n

Bitcoin hit the $100,000 milestone nearly a week ago, passing the psychological barrier for the first time. After its massive feat, the largest crypto by market capitalization faced its largest retrace since Trump\u2019s victory in the US presidential elections.<\/p>\n

BTC briefly dropped around 13% to the $90,000 mark in a candle that resembled its performance when it first hit the $10,000 barrier. Since then, the cryptocurrency has hovered between the $97,000-$101,000 prince range, facing some resistance to breaking past the range\u2019s upper zone.<\/p>\n

As reported<\/a> by NewsBTC, crypto analyst Jelle noted that BTC could follow the same path as its post-$10,000 milestone trajectory, turning the newly crossed level into support after three days, like it did in November 2017.<\/p>\n

After hovering between its new range for four days, Bitcoin registered its first daily close above $100,000 on Sunday. This performance also marked its first weekly close above this barrier, displaying a similar weekly performance to the $10,000 candle.<\/p>\n

Crypto analyst Rekt Capital highlighted<\/a> that BTC\u2019s daily close above this mark and Monday\u2019s 2.5% pullback is \u201ctechnically a retest\u201d of this level. However, the ongoing retest is very volatile, and it has been simultaneously attempting to turn the \u201cfinal major daily resistance,\u201d around the $98,000 zone, into support for the past two days.<\/p>\n

\"Bitcoin\"
Bitcoin attempts to turn the $98,000 level into support. Source: Rekt Capital<\/figcaption><\/figure>\n

The analyst added, “a volatile retest like this makes sense, especially weekly.\u201d He explained that the $98,000 level was broken as resistance on the weekly chart after yesterday\u2019s close, meaning that \u201cthis week is all about trying to reclaim this level as new support.\u201d<\/p>\n

Will The Next Few Weeks Be \u2018Problematic\u2019 For BTC?<\/h2>\n

Despite breaking past the crucial barrier, Rekt Capital warned investors of BTC\u2019s upcoming week of its post-halving \u201cParabolic Upside Phase.\u201d The analyst previously explained<\/a> that Bitcoin enters a parabolic period that lasts around 300 days each cycle after every Halving event.<\/p>\n

Historically, BTC\u2019s price registers the first major pullback a month after entering price discovery mode. According to the analyst, the first \u201cPrice Discovery Correction\u201d historically begins between Weeks 6 and 8 of each parabolic phase, seeing at least 25% retraces.<\/p>\n

\"Bitcoin\"
BTC enters the sixth week of its Parabolic phase. Source: Rekt Capital<\/figcaption><\/figure>\n

Rekt Capital pointed out that today starts the sixth week of this post-halving upside phase, emphasizing that BTC is the timeframe where its price has retraced significantly. Based on this, Bitcoin\u2019s price could nosedive<\/a> between 25% and 40% in the next few weeks, like in 2017.<\/p>\n

Related Reading: Bitcoin Is \u2018Highly Likely\u2019 In A Supercycle: Expert Explains Why<\/a><\/div>\n

The analyst warned investors that the current retest of the $98,000 level is key, as failing to hold it could kickstart the first major correction:<\/p>\n

\n

As a result, over the next 3 weeks or so, I am going to be increasingly cautious about retest attempts, and given BTC’s history at this point in the cycle, I wouldn’t be surprised to see key levels get invalidated.<\/p>\n<\/blockquote>\n

Nonetheless, he stated that \u201cthe Second Price Discovery Uptrend will take place after the Price Discovery Correction,\u201d which could propel BTC to a new ATH.<\/p>\n

At the time of writing, Bitcoin is trading at $98,073, a 2% drop in the last 24 hours.<\/p>\n

\"Bitcoin,
Bitcoin’s performance in the weekly chart. Source: BTCUSDT on TradingView<\/a><\/figcaption><\/figure>\n
Featured Image from Unsplash.com, Chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC) closed the week above the $100,000 mark for the first time in history, concluding the crypto\u2019s massive week with another milestone. However, a market watcher has warned investors that historical patterns could soon lead the flagship crypto to a big correction. Related Reading: XRP Slides After Failing To Reclaim $2.9, What\u2019s Next For Bulls? Bitcoin First Weekly Close Above $100,000 Bitcoin hit the $100,000 milestone nearly a week ago, passing the psychological barrier for the first time. After its massive feat, the largest crypto by market capitalization faced its largest retrace since Trump\u2019s victory in the US presidential elections. BTC briefly dropped around 13% to the $90,000 mark in a candle that resembled its performance when it first hit the $10,000 barrier. Since then, the cryptocurrency has hovered between the $97,000-$101,000 prince range, facing some resistance to breaking past the range\u2019s upper zone. As reported by NewsBTC, crypto analyst Jelle noted that BTC could follow the same path as its post-$10,000 milestone trajectory, turning the newly crossed level into support after three days, like it did in November 2017. After hovering between its new range for four days, Bitcoin registered its first daily close above $100,000 on Sunday. This performance also marked its first weekly close above this barrier, displaying a similar weekly performance to the $10,000 candle. Crypto analyst Rekt Capital highlighted that BTC\u2019s daily close above this mark and Monday\u2019s 2.5% pullback is \u201ctechnically a retest\u201d of this level. However, the ongoing retest is very volatile, and it has been simultaneously attempting to turn the \u201cfinal major daily resistance,\u201d around the $98,000 zone, into support for the past two days. The analyst added, “a volatile retest like this makes sense, especially weekly.\u201d He explained that the $98,000 level was broken as resistance on the weekly chart after yesterday\u2019s close, meaning that \u201cthis week is all about trying to reclaim this level as new support.\u201d Will The Next Few Weeks Be \u2018Problematic\u2019 For BTC? Despite breaking past the crucial barrier, Rekt Capital warned investors of BTC\u2019s upcoming week of its post-halving \u201cParabolic Upside Phase.\u201d The analyst previously explained that Bitcoin enters a parabolic period that lasts around 300 days each cycle after every Halving event. Historically, BTC\u2019s price registers the first major pullback a month after entering price discovery mode. According to the analyst, the first \u201cPrice Discovery Correction\u201d historically begins between Weeks 6 and 8 of each parabolic phase, seeing at least 25% retraces. Rekt Capital pointed out that today starts the sixth week of this post-halving upside phase, emphasizing that BTC is the timeframe where its price has retraced significantly. Based on this, Bitcoin\u2019s price could nosedive between 25% and 40% in the next few weeks, like in 2017. Related Reading: Bitcoin Is \u2018Highly Likely\u2019 In A Supercycle: Expert Explains Why The analyst warned investors that the current retest of the $98,000 level is key, as failing to hold it could kickstart the first major correction: As a result, over the next 3 weeks or so, I am going to be increasingly cautious about retest attempts, and given BTC’s history at this point in the cycle, I wouldn’t be surprised to see key levels get invalidated. Nonetheless, he stated that \u201cthe Second Price Discovery Uptrend will take place after the Price Discovery Correction,\u201d which could propel BTC to a new ATH. At the time of writing, Bitcoin is trading at $98,073, a 2% drop in the last 24 hours. Featured Image from Unsplash.com, Chart from TradingView.com<\/p>\n","protected":false},"author":614,"featured_media":604954,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[428,11680,93616,88505,1119,78790,26263,92978,10923,89756],"class_list":["post-659644","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-bitcoin-bullish","tag-bitcoin-parabolic-phase","tag-bitcoin-retrace","tag-btc","tag-btcusdt","tag-crypto-analyst","tag-crypto-bull-run-2024","tag-crypto-market","tag-crypto-trader"],"acf":[],"yoast_head":"\nBitcoin First Close Above $100K, But Is A Big Correction Coming?<\/title>\n<meta name=\"description\" content=\"Bitcoin recorded its first daily close above $100,000, but an analyst has warned that BTC\u2019s first major pullback might be 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Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology. From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations. In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn\u2019t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored. At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money. After the failure of her home country\u2019s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education. Moreover, the peculiar nature of the crypto community sparked Rubmar\u2019s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies \u00ad\u2013or her favorite memes. In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school\u2019s marching band. She also has a passion for learning new languages and cultures, having set the goal to learn another six languages \u00ad\u2013 currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats \u2013hers or stray. 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Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology. From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations. In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn\u2019t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored. At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money. After the failure of her home country\u2019s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education. Moreover, the peculiar nature of the crypto community sparked Rubmar\u2019s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies \u00ad\u2013or her favorite memes. In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school\u2019s marching band. She also has a passion for learning new languages and cultures, having set the goal to learn another six languages \u00ad\u2013 currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats \u2013hers or stray. In summary, Rubmar seeks to present entertaining and educational pieces to be enjoyed by everybody, aiming to report on the latest news and offer a unique perspective while adding a meme or a pun whenever possible.","url":"https:\/\/ktsl888.com\/author\/rubmargarcia\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Sees First Close Above $100,000, But Is A Big Correction Coming?","url":"http:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-sees-first-close-above-100000-but-is-a-big-correction-coming\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-sees-first-close-above-100000-but-is-a-big-correction-coming\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/04\/kanchanara-7E3QGntO66M-unsplash.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/04\/kanchanara-7E3QGntO66M-unsplash.jpeg?fit=1920%2C1277"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Rubmar Garcia"}],"creator":["Rubmar Garcia"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin bullish","bitcoin parabolic phase","bitcoin retrace","btc","btcusdt","crypto analyst","crypto bull run 2024","crypto market","crypto trader"],"dateCreated":"2024-12-10T07:00:36Z","datePublished":"2024-12-10T07:00:36Z","dateModified":"2024-12-10T07:00:36Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Sees First Close Above $100,000, But Is A Big Correction Coming?\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin\\\/bitcoin-sees-first-close-above-100000-but-is-a-big-correction-coming\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin\\\/bitcoin-sees-first-close-above-100000-but-is-a-big-correction-coming\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/04\\\/kanchanara-7E3QGntO66M-unsplash.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/04\\\/kanchanara-7E3QGntO66M-unsplash.jpeg?fit=1920%2C1277\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Rubmar Garcia\"}],\"creator\":[\"Rubmar Garcia\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin bullish\",\"bitcoin parabolic phase\",\"bitcoin retrace\",\"btc\",\"btcusdt\",\"crypto analyst\",\"crypto bull run 2024\",\"crypto market\",\"crypto trader\"],\"dateCreated\":\"2024-12-10T07:00:36Z\",\"datePublished\":\"2024-12-10T07:00:36Z\",\"dateModified\":\"2024-12-10T07:00:36Z\"}<\/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\/04\/kanchanara-7E3QGntO66M-unsplash.jpeg?fit=1920%2C1277","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/659644","targetHints":{"allow":["GET"]}}],"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\/614"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=659644"}],"version-history":[{"count":5,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/659644\/revisions"}],"predecessor-version":[{"id":659655,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/659644\/revisions\/659655"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/604954"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=659644"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=659644"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=659644"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}