Is Bitcoin Next for a New Record or a Correction? Analyst Evaluates!

Leading cryptocurrency Bitcoin (BTC) reached a new ATH after its rally last week, but then entered a consolidation period.

While analysts generally expect the uptrend to continue, one analyst noted that Bitcoin could retest the $94,000 support amid market consolidation.

Keith Alan, co-founder of trading resource Material Indicators, said in his latest analysis that Bitcoin has correction potential and could test $94,000.

Keith Alan said that whales continue to accumulate and Bitcoin consolidates above $100,000.

Stating that this situation supports the bullish outlook in BTC, Alan said that there is also a possibility of correction.

If sellers temporarily regain control, the downside target could be around the 21-week moving average of $94,000, the analyst said.

“We are in a bull market and the trend is upward, but in trading it is not always bullish. Only going up is a myth.

Consecutive green candles of 7 and above are rare. If this occurs, this green period is usually followed by periods of consolidation or correction.

Currently, BTC is consolidating above $100,000 and whales are accumulating.

While the outlook is bullish, there is a possibility that Bitcoin could face a correction. If a correction does occur, Bitcoin would face support at $94,000, which currently coincides with the 21-Week Moving Average.

So, in case of a BTC correction, I expect a test of $94,000.”

*This is not investment advice.

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