Posted by Xoken.org – The price of Bitcoin (BTC) experienced a decline to around US$66,800 (15/3/24) at 10.00 WIB. This price decline shows that BTC is not yet stable in maintaining its all-time high price level at US$73,000.
The price of Bitcoin first touched US$70,000 on March 11, 2024 and managed to stay above this price for approximately one and a half days. On March 13, 2024, the price of BTC corrected significantly to US$68,700 and formed a long shadow on the hourly chart.
Next, the BTC price returned above US$70,000 to touch ATH at US$73,800. Bitcoin again lost the US$70,000 price level on March 15, 2024 and touched a local low of around US$66,800, forming a long shadow.
Price Correction Still Within Reasonable Limits
Technically, this price correction makes sense because based on the RSI level, an RSI Divergence pattern has formed since March 11 2024, which generally indicates a price correction.
Based on the RSI level in the one hour timeframe, it has shown the number 29 which means it has been oversold in the short term. But in the four-hour timeframe, the RSI still shows 37 which means it is still possible for BTC to correct.
Bitcoin has experienced a price rally since early 2023. Looking at the price chart with a longer period, namely the daily timeframe, there are three significant price corrections.
In the period 22 February 2023 – 12 March 2023, BTC experienced a decline of -22% from US$25,230 to US$19,680. In the period 12 August 2023 – 20 August 2023, BTC experienced a decline of -14.8% from US$29,600 to US$25,230. In the period 12 January 2024 – 24 January 2024, BTC experienced a decline of -21% from US$48,640 to US$38,430.
So it can be seen that significant price corrections are possible even in a bullish market. By averaging these three declines, a figure in the range of -18.7% is obtained, which means there is a possibility that BTC will fall to US$60,000 starting from the ATH of US$73,800. After this, BTC will experience a recovery until the halving in April 2024.