Bitcoin Price Drops to US$67 Thousand, Potential for Further Correction
The price of Bitcoin (BTC) experienced a drop to around US$66,800 (15/3/24) at 10:00 AM WIB. This price drop indicates that BTC has yet to stabilize to maintain its all-time high price level at US$73,000.
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.
Subsequently, the BTC price returned above US$70,000 until reaching its all-time high (ATH) at US$73,800. Bitcoin once again lost the US$70,000 price level on March 15, 2024, and touched a local low around US$66,800, forming a long shadow.
Price Correction Still Within Reasonable Limits
Technically, this price correction seems reasonable because based on the RSI level, it has formed an RSI Divergence pattern since March 11, 2024, which generally indicates price correction.
Based on the RSI level in the one-hour timeframe, it has shown a figure of 29, indicating oversold conditions in the short term. However, in the four-hour timeframe, the RSI still shows a figure of 37, indicating the possibility of further BTC correction.
Bitcoin has experienced a price rally since early 2023. Looking at the price chart over a longer period, specifically the daily timeframe, there have been three significant price corrections.
During the period from February 22, 2023, to March 12, 2023, BTC experienced a -22% decline from US$25,230 to US$19,680. During the period from August 12, 2023, to August 20, 2023, BTC experienced a -14.8% decline from US$29,600 to US$25,230. During the period from January 12, 2024, to January 24, 2024, BTC experienced a -21% decline from US$48,640 to US$38,430.
So, it can be seen that significant price corrections may occur even in a bullish market. With the average of these three declines, a figure around -18.7% is obtained, indicating the possibility of BTC dropping to US$60,000 from the ATH of US$73,800. After this, BTC will experience a recovery until the halving in April 2024.
Read Too : Thailand Officially Exempts Income Tax on Crypto Assets
*Disclaimer:
This content aims to enrich reader information. Always conduct independent research and use disposable income before investing. All buying, selling, and crypto asset investment activities are the reader's responsibility.
