- Analysts confirm the big ongoing market correction could bottom at $107,000 BTC.
- Most expect this target to be hit to wipeout all $108,000 price level long trades.
- This heavy liquidation will likely occur before BTC can bottom and trigger a reversal.
The crypto market seems to be facing a slightly longer market correction than expected. The big ongoing crypto market correction could bottom at $107,000 BTC price before a reversal. Presently, the price of BTC is trading in the $109,000 price range, and analysts believe it is aiming to wipe out a large store of liquidity in the $108,000 price range. Meanwhile, the price of ETH is also nearing a bottom.
Big Ongoing Crypto Market Correction Could Bottom at $107,000 BTC Price
Over the past few weeks, the price of BTC has been falling steadily to lower prices. A steep decline since it set its latest ATH price in the $124,000 price range last month. A fall in prices led many to believe that a correction would follow suit, as the price of ETH experienced the same price action of setting a new ATH and then declining rapidly. This, paired with the fact that September was approaching, led many to believe a correction was inevitable.
In detail, the month of September has always been a bearish month for crypto, with the month often closing in red. However, a few exceptional years have seen September close in a bullish green, and given BTC’s good performance throughout most of the month, marking its best performance yet, some analysts concluded that this September could close in a bullish green state.
Still, most analysts are certain that a correction would play out, while one analyst had a $90,000 BTC bottom target to close a CME Gap in that price region, others believed that the price range of $108,000 is the likelier target for the correction to bottom around. As we can see from the post above, this reputed crypto trader says that Bitcoin (BTC) has a decent liquidity cluster around the $108,000 price level.
The same post goes on to state that, with the fact that both Bitcoin and the stock market are showing weakness, it is likely that this liquidity will be taken out. This will result in a wipeout of over $2 billion worth of long orders liquidating, marking what could be a possible end to the ongoing correction state. Responses to the post show agreement, as most other analysts believe $107,000 would be the bottom for BTC before a rally can finally occur.
A Reversal Will Likely Occur After
As we can see from the post above, another reputed crypto analyst says pretty much the same thing. First, he confirms that a significant correction is underway and that BTC has failed to hold support, thus breaking to the south and draining liquidity. He then states that BTC will likely sweep the low sub $107,000 price range before a reversal can occur. Finally, he states that 90% of the correction is over and that good price movements lie ahead.
