Bitcoin Correction Incoming

1 min readDec 6, 2023

It is now very likely that BTC will head towards the $48,000 — $50,000 range, which will likely serve as a local top. Although it is not easy to determine the local bottom, it will probably align with the 20-week moving average when BTC seeks its local bottom. My estimate would be anywhere between $34,000 and $38,000.

Altcoins will probably take a hit quite a bit. Bitcoin’s dominance currently stands at around 55%, and I expect it to reach 60% sometime next year. For instance, SOL is likely to fall back to the $30– 32 range.

While this is not financial advice, adopting a conservative approach would be wise.

Regarding the anticipated timeline for the actual bull run, my guess would be some time in Q4 2024. I would not discount October 2024, as that also seems quite plausible.