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25 January 2021

Bitcoin price correction begins — Here’s how low BTC can go

Bitcoin price correction begins — Here’s how low BTC can go

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However, the all-time high region at $20,000 has been showing significant resistance, causing the price to drop several times including today as BTC has now fall below $19,000 on Dec4

This is not unexpected, however, as many retail investors will have the all-time high of 2017 as a marker for potential profit-taking.

Given that Bitcoin’s price reached the all-time high in a nearly vertical manner, a clear-cut breakout above the all-time high doesn’t seem likely to occur at this point.

However, as long as Bitcoin’s price remains in this region, several arguments can be made for a potential correction.

The 2014 peak high acted as the final resistance, after which a significant correction of 30% took place.

This correction often leads back to the previous resistance, and as the chart shows, this resistance was at $800.

The previous high then flipped for support through that correction, which caused the price of Bitcoin to continue rallying to new all-time highs.

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