Bitcoin traffic forecasts for the coming period
Bitcoin at the basic level
The price of bitcoin fell on Tuesday for the second day in a row, which means that optimistic investors may have to wait a bit before it reaches a new record high.
The price of the cryptocurrency with a large market capitalization fell to approach the levels of 118,000 US dollars before rising slightly again near the levels of 188,600 dollars.
Since yesterday, it has fallen by more than 3% after approaching its historical level of exceeding the levels of 123,000 dollars, which was postponed in mid-July.
This afternoon we are waiting for the US inflation data represented by the Consumer Price Index.
Here we have mentioned the most important reasons for this correction rollback
Bitcoin fell below 120 thousand dollars
Bitcoin at the technical level
Bitcoin rebounded yesterday near its historical peak with a reversal day candle, which gives the impression that the pullback is likely to continue and some bearish corrections will be made.
In particular, the cryptocurrency is trying to create a bat-harmonic model on the daily frame.
We are currently targeting the USD 112,500 levels as the initial target and then the USD 101,000 levels at which the descending harmonic pattern is completed.
This scenario fails if yesterday's high is breached, at which point we expect Bitcoin to reach a new all-time high near $123,500 and then $125,000.
