Bitcoin’s value rose rapidly in 2023, and investors saw this rise as an opportunity. The leading cryptocurrency started from $ 16,000 and rose to $ 31,000 during the year. A popular analyst, who correctly predicted this rise, warned investors about a possible Bitcoin (BTC) correction this time.
The analyst, who is known by the nickname DonAlt in the crypto money market, said in a statement on YouTube that Bitcoin is about to experience a break in a symmetrical triangle pattern on the daily chart.
According to the crypto strategist, the triangle breakout indicates that Bitcoin could be in a long correction period.
“If there is a breakout, then I really think there will be a correction.”
DonAlt also points out that Bitcoin has risen nearly 100% from its November 2022 low. According to the analyst, this potential correction could give Bitcoin bulls time to accumulate the leading cryptocurrency at lower prices:
“I think we have some time in general. I think the markets will calm down through prices generally going down, or prices just going sideways and the breakouts we have.”
The crypto strategist also points out that Bitcoin is still struggling to maintain its uptrend despite favorable macro conditions.
“We had S&P power. We had golden power. We’ve had the FUD (fear, uncertainty, and doubt) associated with banking. We had dollar weakness.
And BTC failed to rise. From where?”
At press time, Bitcoin is trading at $27,581, down over 2% on the day.
You can follow the current price action here.