The Bitcoin price broke above $75,000 earlier this week, marking the highest level for the pioneer cryptocurrency in over a month. However, analyst TheOnePct warns that this move may be part of a larger Flat correction that began years ago. The current price movements are described as 'structurally consistent' with this correction, suggesting a potential reversal and further decline.
The analyst notes that the current C-wave appears to be terminal, indicating an inherently corrective trend. This implies that the price could fall below $60,000, potentially bottoming around $55,000. 'BTC has already shown clear structural weakness, and that weakness is likely to continue,' the analyst said.
