Table of Contents
Bitcoin has seen a steady correction trend over the past two months, with its price falling from $73,794 to $60,987. However, the sustainability of the price above the combined support of 23.6% FIB and $60 level indicates a constructive pullback for buyers to regain trend control. The Fear and Greed index at 55% also suggests positive market sentiment. Additionally, Bitcoin's hashrate strength signals potential for a massive price surge, with the network fundamentals being robust enough to potentially support a market capitalization three times its current size. This could see Bitcoin prices reaching as high as $265K. The BTC price is trying to find suitable support at the 38.2% Fibonacci retracement level, and large investors have been accumulating Bitcoin, increasing the possibility of a potential rebound. The technical indicators also accentuate the broader market sentiment as bullish. The recent surge in accumulation by large investors has increased the possibility of a potential rebound, which could surpass the prior high of $73,794.
