Bitcoin Price Surge Slows Down: Is the Drop to $75,000 a Sign of Correction?

Since Donald Trump's victory in the election on November 5th, Bitcoin (BTC) has experienced a significant increase, reaching a record high of over $108,000. However, this recent upward trend has slowed down as the cryptocurrency has dropped below the important $100,000 mark. This has fueled analysts' speculation about the possibility of deeper corrections as some experts believe Bitcoin could drop to around $85,000 or even $75,000 before continuing its upward trend. Is this a temporary retreat or a calm before the last price hike? Morecryptoonl analyst emphasizes that the current market momentum indicates a significant potential for Bitcoin to move towards $85,000. This forecast is based on the observation that the recent price wave lacks the usual strength often seen in upward trends, failing to reach important expansion levels. "The "overlapping and adjusting" nature of the price increase, emphasized by analysts, further reinforces the idea that a significant correction may be imminent. If this scenario unfolds, it could represent the final major correction of the current bull market, setting the stage for the final price increase." Technical analyst Rekt Capital offers a contrasting view, affirming that the entry point of $75,000 for Bitcoin is relatively favorable compared to the current price of around $97,000. Rekt Capital also believes that what seems to be a current bargain may not be appealing when Bitcoin was at that level. Despite the pessimism from some experts, others see the recent price correction as a significant buying opportunity. VirtualBacon analyst argues that the market's reaction to Bitcoin's drop from $108,000 to $96,000 is "exaggerated". Is Bitcoin preparing to reach a new all-time high? VirtualBacon asserts that this decline is not a sign of market collapse but a healthy consolidation phase in an ongoing bull market. Historical data supports this viewpoint, as corrections of this nature often occur before new highs. Key support levels, such as the 21-week exponential moving average (EMA) around $79,000 and the 200-day EMA near $73,000, remain intact, indicating that even a short-term decline to these levels would not disrupt the overall price uptrend. According to VirtualBacon, the basic economic conditions also play a crucial role in shaping the future of Bitcoin. The recent actions of the Federal Reserve (Fed), including the moderate interest rate cuts and cautious approach to monetary policy, indicate a stable economic environment. While the Fed continues its quantitative tightening (QT) policy, the expectation is that this policy will not be indefinite. The increasing debt crisis in the United States may require a return to quantitative easing (QE), which has already fueled the upward trend in the cryptocurrency market. In short, the recent decline in Bitcoin price is seen by many as a temporary setback rather than the end of the bull market. As long as Bitcoin maintains its position above key support levels, the uptrend remains intact. DYOR! #Write2Win #Write&Earn $BTC {spot}(BTCUSDT)