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Bitcoin price correction is a springboard to $50,000

In this article, we look at the price of Bitcoin (BTC), the first and most influential cryptocurrency on the market. This technical analysis from our premium environment provides insight into Bitcoin’s recent price action and projects our expectations for the near future.

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Technical analysis of Bitcoin price (BTC).

Crypto Insiders analysts recently shared new Bitcoin analysis in the premium environment. In it they said the following:

“In our Bitcoin analysis, we see a downward ABC Elliott wave pattern in the short term, indicating a possible short healthy correction.

Our focus is on the green buy zone between $30,000 and $33,000, supported by the 50% Fibonacci level, making this zone a crucial support level.

Another important level is the invalidation level at $24,929. A fall below this level would call into question our current positive view of the price.

However, if the price holds and rises out of the green, we will aim for a target of $50,000 or around 65% upside potential. This increase would correspond to the longer-term upward pattern of the 12345 Elliott wave.

This scenario suggests a significant upward move after a short correction, making the current decline an attractive buying opportunity for long-term gains for us.”

Date of analysis: November 17th. Link to trading view:

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Disclaimer: Investing involves risks. Our analysts are not financial advisors. Always consult an advisor when making financial decisions. The information and tips provided on this website are based on our analysts’ own insights and experiences. These therefore serve exclusively educational purposes.

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