Bitcoin's price is $94,426.18 at press time, with a 0.82% increase over the past 24 hours and a 3.59% rise over the last week. The cryptocurrency's market cap stands at $1.87 trillion with a circulating supply of 20 million BTC.
Correction Phase and Historical Parallels
Crypto analyst Rekt Capital stated that Bitcoin is currently in a correction phase following its breach of the $100,000 level. Historically, Bitcoin corrections are well-documented: in 2013, Bitcoin lost 75% of its value over 13 weeks, while in 2017 and 2021, it dropped by 34% and 31% over 3 and 4 weeks, respectively. This year's correction has been milder with a 15% drop over the past four weeks. Rekt Capital noted, 'Depth-wise, this current -15% Price Discovery Correction has been much shallower by standards of history.'
Bull Pennant Formation and Projections
Some analysts believe that Bitcoin is forming a bull pennant, a trend indicative of potential price increase. Analyst Ali suggests that the current consolidation phase resembles a bull pennant formation. Should this formation prove accurate, Bitcoin could reach $140,000. Ali stated, 'What if instead of the head-and-shoulders top everyone is talking about, #Bitcoin $BTC is actually forming a bull pennant, targeting $140,000 next?'
Long-Term Growth Prospects for Bitcoin Price
Veteran trader Peter Brandt highlighted Bitcoin's price action as a time-based pattern. He noted that the ongoing correction parallels past phases in Bitcoin's history. Trader Nilesh Rohilla also supported this view, noting that the calmness Bitcoin has experienced recently could lead to a rally starting February 2024, following historical cycles. Brandt suggested that major price movements might not occur until mid-2025.
Bitcoin's consolidation phase leaves analysts divided on its next move. A potential bull pennant formation suggests $140,000 as a target for an eventual breakout to higher levels.
