Is Bitcoin (BTC) Price Correction Imminent? Experts’ Analysis

Market analysts have been talking a lot about Bitcoin’s surge to new highs, lately though, some predict a possible pullback. Two top analysts, Captain Faibik and Crypto Patel, note that even if the trend is still strong, traders may be able to reposition themselves incase of a pullback.

Bitcoin price has surged to new highs in recent weeks, but some market analysts are predicting a possible pullback.

Two top analysts, Captain Faibik and Crypto Patel, have identified technical signals that could indicate a potential downturn. However, both analysts maintain a long-term bullish outlook for BTC.

Here's a closer look at their analysis and what it could mean for traders.

Captain Faibik Identifies Bearish Divergence, Anticipates 8-10% Correction

Captain Faibik (@CaptainFaibik) has highlighted a bearish divergence on Bitcoin's daily chart, indicating a potential shift in momentum.

According to the analyst, the divergence occurs when the price makes higher highs, but the Relative Strength Index (RSI) registers lower highs. This trend suggests that upward momentum may be losing steam.

Notably, the RSI has broken a key support level, further underscoring this divergence.

With this observation, Faibik predicts an upcoming correction of 8-10%, which would bring Bitcoin's price to the $94,000 zone. This area corresponds with prior consolidation levels and is viewed as a strong support zone.

The analyst describes this potential dip as a "healthy reset," suggesting that it could pave the way for the next leg of Bitcoin's rally.

BTC Analysis Points to Possible Retracement, Scalp Short Setup Provided

In another perspective, Crypto Patel's (@CryptoPatel__2) Elliott Wave analysis highlights the formation of an Expanding Diagonal (ED) in Bitcoin's Wave 3, which often signals a looming correction.

The shallow nature of Wave 2 also raises caution for traders entering long positions at current levels, according to Patel.

Interestingly, the analyst outlines a scalp short setup with an entry range between $106,000 and $108,000. Price targets include $90,048 (0.382 Fibonacci) and $85,063 (0.5 Fibonacci), with a stop-loss set at a four-hour close above the recent all-time high.

While bullish momentum remains, Patel advises tight risk management and patience for clearer correction signals before committing to long trades.

Both Captain Faibik and Crypto Patel emphasize the importance of watching support and resistance levels.

Captain Faibik identifies $94,000 as a crucial support zone, while Crypto Patel highlights Fibonacci retracement levels as potential markers during a pullback.

Despite the anticipation of a short-term decline, both analysts maintain a long-term bullish outlook for Bitcoin, viewing this correction as an opportunity to accumulate and capitalize on future gains.