Bitcoin Faces Possible Price Correction After Crossing Key Moving Average
• Bitcoin could see a significant price correction soon based on historical trends after crossing the 100-week moving average • The 100-week MA has been an important level for Bitcoin in past market cycles • Whether Bitcoin holds the 100-week MA as support this time may depend on Fed actions and potential economic recession • Analyst Benjamin Cowen estimates Bitcoin may retest the 100-week MA within the first few months of 2024 • At time of writing, Bitcoin was trading around 36% above its 100-week moving average