Zhuoer Sees Significant Correction Looming for Bitcoin
Jiang Zhuoer, founder of the B.TOP mining pool, has issued a warning about Bitcoin's short-term price movements. According to him, significant correction could occur after the liquidation of highly leveraged positions in the market.
Zhuoer states that in the most likely scenario, Bitcoin will first clear the intense liquidation zone above $76,000. During this period, Ethereum is expected to test the liquidation zone around $2,665, leading to the liquidation of a significant portion of short positions at higher levels.
Zhuoer notes that after clearing liquidity above $76,000, two different scenarios emerge. If Bitcoin recovers without falling below $75,000, the rally could continue up to $80,000, with the price even testing the strong resistance zone between $83,000 and $84,000. However, he believes a larger correction could follow such a rise.
If Bitcoin loses the $75,000 support level, a deeper correction is expected to occur, mirroring the upward movement that began from $64,000. Zhuoer predicts that in this case, Bitcoin could fall to the $70,000-$72,000 region before entering the next phase of the bull market.