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If History Repeats, Bitcoin Price Could Crash 33% Again: Here’s Why Newsbtc 09 лип 2024

If History Repeats, Bitcoin Price Could Crash 33% Again: Here’s Why 📉

Bitcoin's price, already down 22% from its mid-March high of over $73,000, could plummet further according to Jacob Canfield of Trading Mastery. He highlights Bitcoin's historical tendency to retest yearly opening prices as a warning sign. Since 2017, Bitcoin has revisited its yearly open each year, except for 2023 and 2024 so far. Canfield speculates that Bitcoin could retest its 2023 yearly opening at $16,500. Key indicators like the 0.618 Fibonacci retracement and the weekly 200 EMA/MA ribbon suggest potential support levels around $38,000 to $42,000. BTC traded at $57,479 at the time of writing.

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