2024

Bittensor

Bitcoin

April

<ul> 
 <li aria-level="1">Correction phase from March to August spanned 154 days; Fibonacci calculations predict around 95 days for the current downturn.</li> 
 <li aria-level="1">Alternative Fibonacci estimate suggests a shorter correction period of 58 days, implying quicker recovery for major altcoins.</li> 
</ul> 
As Bitcoin through its latest correction phase, market observers are keenly analyzing patterns to predict the duration and impact of this downturn. 
 Historically, Bitcoin corrections have offered a mix of challenges and opportunities, setting the stage for future rallies. 
<h2 id="b-duration-and-pattern-of-recent-bitcoin-corrections-b">Duration and Pattern of Recent Bitcoin Corrections</h2> 
Bitcoin’s price trajectory since March 2024 has been marked by significant fluctuations, which include three major downward movements within a broad distribution phase: 
<ul> 
 <li aria-level="1">From March 11 to April 29, the first decline spanned 49 days.</li> 
 <li aria-level="1">The second, from June 3 to July 1, lasted 28 days.</li> 
 <li aria-level="1">The third, from July 29 to September 2, extended over 35 days.</li> 
</ul> 
By averaging these durations, we find that each correction phase typically lasted about 37 days. However, an alternative calculation considering the rapid drop from July 29 to August 5 suggests a potential for shorter corrections averaging around 12 days. 
<h2 id="b-methodologies-for-predicting-correction-length-b">Methodologies for Predicting Correction Length</h2> 
ETHNews <a href="https://www.ethnews.com/is-200000-bitcoin-a-lowball-estimate-surprising-analyst-predictions-post-election/">analytical methods</a> provide insights but not definitive answers. Dividing the total duration from the start of the decline in March to early August by Fibonacci ratios suggests longer periods that do not align with observed patterns.&nbsp; 
Adjusting the perspective to account for quicker resolutions, similar to the early August correction, forecasts a potential bottom around November 10. 
<h3 id="b-implications-for-bitcoin-s-near-future-b">Implications for Bitcoin’s Near Future</h3> 
<figure id="attachment_103317" aria-describedby="caption-attachment-103317" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="wp-image-103317 size-full" title="analyzing-bitcoins-current-correction-cycle" src="https://www.ethnews.com/wp-content/uploads/2024/11/Gbf19fUbQAA9JpP.jpeg" alt="btc-chart" width="900" height="514">
 <figcaption id="caption-attachment-103317" class="wp-caption-text">
 Source: X/@lamatrades1111
 </figcaption>
</figure> 
If the historical pattern of corrections unfolding 2 to 2.5 times faster than the periods of rise holds true, Bitcoin’s current <a href="https://www.ethnews.com/u-s-election-impact-on-bitcoin-will-historical-election-day-price-trends-predict-the-next-rally/">correction phase</a> might be expected to conclude by mid-November 2024. This timeframe aligns closely with calculated predictions using the recent rapid correction model. 
<h2 id="b-understanding-altcoin-correction-dynamics-and-duration-b">Understanding Altcoin Correction Dynamics and Duration</h2> 
The cryptocurrency market is undergoing its second major correction of the year, following a first phase that lasted from March through August, encompassing 154 days. ETHNews analysts use various methods to predict the duration of such corrections, offering insights into potential recovery timelines. 
<h2 id="b-predictive-analysis-of-correction-durations-b">Predictive Analysis of Correction Durations</h2> 
The initial correction phase’s duration can be divided using the Fibonacci sequence, a common method in financial analysis for its perceived predictive accuracy regarding natural patterns in market movements.&nbsp; 
By dividing 154 days by 1.618, analysts estimate the current correction could last approximately 95 days. A more aggressive estimate using 2.618 suggests a shorter duration of about 58 days. 
<h3 id="b-market-movement-patterns-b">Market Movement Patterns</h3> 
Market corrections do not occur in a linear fashion. They typically include intermittent periods of gains (“green weeks”) amid overall declines (“red weeks”), indicating a bearish trend. The expectation for this correction follows the shorter forecast of around 58 days, reflecting the market’s volatile nature. 
<h3 id="b-long-term-predictions-b">Long-Term Predictions</h3> 
Post-correction, analysts project that the altcoin market will not see a new lower low until at least 2026, suggesting a stabilization and potential gradual recovery phase post-correction. This long-term outlook is crucial for investors looking for stabilization and recovery potentials in their portfolios. 
<h3 id="b-impact-across-different-altcoins-b">Impact Across Different Altcoins</h3> 
<figure id="attachment_103321" aria-describedby="caption-attachment-103321" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="wp-image-103321 size-full" title="BTC-chart-altcoin" src="https://www.ethnews.com/wp-content/uploads/2024/11/Gbf99WnaUAA_stL.jpeg" alt="BTC-chart-altcoin" width="900" height="514">
 <figcaption id="caption-attachment-103321" class="wp-caption-text">
 Source: X/@lamatrades1111
 </figcaption>
</figure> 
The correction’s impact varies across different cryptocurrencies. High-value altcoins like Binance Coin (BNB) might experience significant downturns due to their previous high trading positions. 
In contrast, altcoins like <a href="https://www.ethnews.com/revolutionary-bitcoin-cardano-bridge-unveiled-unlocking-new-capabilities-for-users/">Cardano (ADA)</a>, which are already trading at lower values, might see less dramatic declines. Bittensor (TAO), another high-value altcoin, also has substantial room to decline, reflecting broader market trends. 
<div class="cryptoboxes" id="mcw-12344" data-realtime="on">
 <div class="mcw-chart mcw-chart-light" data-font="inherit" data-chartcoin="BTC" data-chartcurrency="USD" data-chartrate="1.000268" data-charttype="chart" data-chartview="day" data-charttheme="light" data-chartsmooth="true" data-chartareacolor="" data-chartbgcolor=""></div>
</div> 
Bitcoin (BTC) is currently trading at $68,772, reflecting a slight increase of 0.05%. Over the past week, Bitcoin has risen by 1.12% and gained 10.66% over the past month, showing strong recent momentum.&nbsp; 
The 24-hour trading volume is around $34.86 billion, indicating continued high interest from traders. Key resistance remains near its all-time high of $73,794, while immediate support is observed around $67,000.&nbsp; 
<figure id="attachment_103312" aria-describedby="caption-attachment-103312" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class="size-full wp-image-103312" src="https://www.ethnews.com/wp-content/uploads/2024/11/BTCUSDT_2024-11-03_21-27-15.png" alt="BTCUSDT_2024-11-03_21-27-15" width="1633" height="959">
 <figcaption id="caption-attachment-103312" class="wp-caption-text">
 Source: Tradingview
 </figcaption>
</figure> 
Technical indicators suggest a cautious but bullish trend, with moving averages supporting upward movement. A breakout above the all-time high could signal further gains, while a drop below $67,000 may lead to a short-term pullback. 
The post <a href="https://www.ethnews.com/analyzing-bitcoins-current-correction-cycle/">Analyzing Bitcoin’s Current Correction Cycle</a> appeared first on <a href="https://www.ethnews.com">ETHNews</a>.

Analyzing Bitcoin’s Current Correction Cycle

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