- Bitcoin secures higher highs at $87,000.
- Analysts now expect a correction to form right shoulder.
- This could lead to a 2-month correction before bullish surges.
The crypto market experienced a phenomenal run for the price of Bitcoin (BTC) over the past 24 hours. To specify, the price of BTC went up by over 4.6% in the last 24 hours, based on CoinMarketCap data. As Bitcoin secures higher high at $87,000, analysts now believe that the intense pump must be balanced out and so, expect a correction to take place which could bring BTC back down to the $60,000 price range.
Bitcoin Secures Higher High at $87,000
The pioneer crypto asset, Bitcoin BTC, experienced an impressive price pump over the last 24 hours that took the price of BTC from the $81,000 price range to the $87,000 price range, fulfilling a prediction made by a prominent crypto analyst, Doctor Profit. In detail, he called the next major leg up for BTC to take the asset to $88,000, which seems to have played out. Now, he is placing short bets as he, like others, seems to be expecting a correction.
He says that initially everyone expected the bottom in October. Then Bitcoin rallied from $60,000 to $87,000, leading to FOMO buying. Now hardly anyone expects an October bottom anymore.
Thus, he went on to open a short trade at $86,200, with $79,000 as his first target. The key is the weekly MA50. Reclaiming it gave us a bull-market signal. Now he wants to see Bitcoin retest it and confirm it as support. So, if the MA50 holds, he will take profits on the short trade and buy more BTC and ETH. However, if the MA50 fails, he will likely keep the short open and target lower prices.
Analysts Now Expect a Correction to Play Out
The analyst says that BTC has perfectly set up the higher high as he expected and marks how the right shoulder is yet to be printed on the chart accompanying the post. Therefore, according to this pattern, he expects a correction to take BTC back to the $60,000 price range, marking the latest pump as the final one before a 2-month correction.
