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October 4, 2022
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Guide & Analysis

Bitcoin testing historic top – Webitcoin

After correcting 26%, Bitcoin comes back testing historical top

Less than 1 month after reaching its maximum price hike, Bitcoin has already corrected 26% and has now returned to test $ 58,380 to its historic top.

Graph by TradingView

Bitcoin Graphical Analysis

Analyzing the graphical time of 4 hours, we see the BTC test its ATH again. There are 2 points there:

1 – If it breaks, we need to do a fibonacci extension to see the next targets. this is done using a fund at the back of around $ 29,800. A projection target of 61.8% plays around $ 61000 and 100% goes on $ 72,156. (That would be very welcome!)

2 – If it doesn’t break and start a stronger correction, we can have a big double top being the first target at the bottom vertex around $ 43,800 and the bigger target on the same bottom down there in $ 29,800.

This hypothesis 2, for this year of institutional entry into the crypto market, the pandemic and the dollar crisis is more unlikely to happen. As for the vertex correction at $ 43.8k not so much, it is quite possible and maybe even healthy.
Let’s follow.

Analysis of CointradeCx
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