#Bitcoin #BTC #BTCUSDT #WhaleDeRiskETH Bitcoin just ended a major correction, a classic ABC. It was 53.56% strong (-53.56% from top to bottom).
The last weekly session produced the highest volume on the sell side since March 2024. The last bullish move started August 2024. This volume signal reveals that lower prices are likely in the latter part of 2026. It also reveals that any bullish action that starts now should be short-lived, short-term, and should end in a lower high.
The correction bottom reached $60,000 on a wick. Multiple support levels were pierced. The weekly session close happened at $70,330.
Bitcoin closed below the 0.5 Fib. retracement level in relation to the long-term market cycle, which sits at $70,839, but above the 0.618 level ($57,772). The fact that the 0.618 Fib. retracement level missed completely calls for some sort of relief rally, short-term bullish action.
This opens up two targets mainly right away, without going through too many calculus: 1) The previous high around $98,000 and 2) the 0.382 Fib. retracement level in relation to the current correction, which sits at $85,288. The latter is an easy, high probability target. This is the minimum price Bitcoin will challenge in the coming weeks.
We can speculate about other developments; the wave's size, shape and duration, but this is all irrelevant at this point. The most basic fact that can be extracted from this chart is that Bitcoin is going up as a market reaction to the strong down-move, an inverted correction.
This up-wave is bound to happen regardless of past cycles, ETFs, the news, astrology, moon landing, etc. The chart calls for a relief rally and this is what we will get. The rest is just hocus pocus and much speculative opining.
The most important development on this chart is the most recent move. Its duration was 119 days based on the weekly candles. The inverted correction's duration will happen in relation to this move because the market is reacting to it. The market is reacting to the fact that Bitcoin hit $60,000. To the fact that it pierced several strong long-term support levels but failed to close below them. The market will exploit this and push prices higher.
The inverted correction can last a maximum of 60 days, which is around half the time the duration of the main move.
39% of 119 days gives us 46 days. We are starting to form a picture as to the duration of the relief rally and I think this is enough for today.
While the inverted correction takes place on Bitcoin, the altcoins market will blow up.
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