Opening Short on Bitcoin Correction
Bitcoin (BTC) has surged by 38.0% to $97,200 since the beginning of November, retreating slightly from its all-time high of $104,498. This rally has created record overbought conditions, surpassing those seen in December 2017, March and November 2021, and March 2024, when the 173% spot BTC-ETF rally began. In each of these instances, corrections of 40.0-50.0% followed. However, this time, the correction may be less severe. I anticipate a decline of 25.0-30.0%, targeting a range of $70,000-80,000 per coin. Based on this analysis, I plan to open a short trade at $100,000-110,000 with a stop-loss set at $125,000.
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