Is Bitcoin Set for a Correction After Hitting $104,000?
Bitcoin has hit significant milestones, with two of our predicted targets—$90,000 and $100,000—successfully achieved, delivering a remarkable gain of 46.44% and 3,307,221 pips. After climbing to $104,000, Bitcoin entered extreme overbought territory across daily, weekly, and monthly charts, signaling exhaustion. With the formation of an ascending channel and overbought signals, a potential correction could be on the horizon. Here’s what to expect next.
Analysis: In our earlier analysis, we predicted key price targets of 90K, 100K, and 110K. Bitcoin successfully hit 90K and 100K, eventually climbing to 104K—a remarkable gain of 46.44% and 3,307,221 pips. However, this rally propelled Bitcoin into extreme overbought territory across multiple timeframes, signaling a potential need for correction.
On November 6, Bitcoin broke out of a falling wedge/handle pattern, driving the price to 104K. Since November 12, it has been ascending within a channel—a formation that often precedes a downward correction. Coupled with extreme overbought conditions on daily, weekly, and monthly charts, Bitcoin now shows clear signs of buyer exhaustion.
Key Levels to Watch: • Extreme Overbought: $112,500 • Overbought Resistance: $106,250 • Ultimate Resistance: $100,000 • Major Support: $75,000
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