Posted 3/13/2024, 7:55:32 PM
Bitcoin Price Faces Potential Correction After Parabolic Rally
- Bitcoin has seen a parabolic price increase recently, rising from $38k in January to $72k in March
- Glassnode analysts say Bitcoin is overextended and due for a correction, potentially to around $58k
- The analysts see negative divergence between Bitcoin's price and RSI indicator, signaling a reversal
- Economist Alex Krüger also expects correction after Bitcoin hits ~$85k, with potential drop to $55k
- Krüger sees potential for extended bull run with additional highs of $120k and $85k after initial correction