Here’s How The Bitcoin Price Macro Correction Could Play Out Next

Despite experiencing a significant plunge from ATH levels earlier last month, the Bitcoin price continues to test crucial levels that could shape the trajectory of its next move. A fresh analysis from crypto market expert Casitrades suggests that the coming days could define whether the broader market will face a macro correction or extend its bullish ￰0￱ now, Fibonacci zones, Elliott Wave structures, and Relative Strength Index (RSI) behaviour align to build a critical narrative around BTC’s price ￰1￱ Scenarios For Bitcoin Price Macro Correction On Friday, Casitrades explained in an X social media post that Bitcoin’s recent price surge has tested the 0.5 Fibonacci retracement level around $116,000, an important milestone in the recovery phase.

Interestingly, despite this sudden push higher, the RSI highlighted on the price chart is yet to show the exhaustion one would typically expect at a major ￰2￱ suggests buyers may still have room to drive prices further upward before hitting a ceiling. Notably, the analyst pointed out $118,000 as the next critical level to watch, noting that it coincides with the 0.618 Fibonacci retracement and the 1.236 C-wave target within the developing Wave 2 ￰3￱ has described this area as a decisive confluence point. A sharp rejection here could confirm that Bitcoin’s bull run has officially ended, reinforcing the theory that the cryptocurrency remains locked in a Wave 2 macro correction ￰4￱ the other hand, the analyst noted that forming a top around the decisive confluence point would confirm that BTC is not ready to challenge or break into new all-time highs and could instead retrace ￰5￱ the chart illustrates, potential downside targets lie well below Bitcoin’s current price levels above $115,800, hinting that a failure at $118,000 could lead to a steeper correction that might drag the cryptocurrency back into the $110,000 – $106,000 zone in the near term. $122,000 Marks Final Test For Macro Correction While $118,000 remains the first line of resistance for Bitcoin, Casitrades highlighted that the cryptocurrency could extend its rally higher into the $120,000 – $122,000 zone if momentum ￰6￱ level is viewed as the final test that will decide whether the macro correction holds or ￰7￱ aligns with the 0.786 Fibonacci retracement, making it an even more formidable resistance ￰8￱ expectation is that if Bitcoin’s RSI shows signs of exhaustion and the cryptocurrency faces strong rejection in this region, the correction could be swift and ￰9￱ this scenario, Bitcoin would set up for a macro downturn, confirming the theory that the rally from recent lows has merely been a corrective ￰10￱ Reading: Dogecoin Defies Odds, Jumps 21% Even As ETF Debut Gets Pushed Back The projected correction could then reset the broader structure, allowing for healthier long-term price action.

However, if Bitcoin manages to break through $122,000 convincingly, Casitrades notes that it would invalidate the macro correction narrative altogether and potentially send it to price levels between $122,000 – $124,000. Featured image from Unsplash, chart from TradingView