Bitcoin Price Correction May Persist Until Mid-March

Bitcoin price is currently experiencing a technical correction, and this downturn may continue for several weeks. The cryptocurrency briefly entered a bear market this week, with a low of $82,177, before rebounding to $86,200 following Nvidia’s strong earnings results.

Astrological Insights

An anonymous crypto analyst, who applies astrological concepts to market predictions, has forecasted that Bitcoin and other altcoins will continue their downward trend until March 13. According to this analyst, the period between February 25 and March 13 is often associated with increased risk for cryptocurrencies and stocks.

“We have a $Crypto danger zone from now into the March 13th Lunar Eclipse… It’s opposing serious Saturn and Conjunct #BTC natal Saturn, possible shit show sell off… Exact timing is always hard to say but No good news until then folks… Crypto Doom is still in effect.”

The analyst’s argument is based on the concept of the Saturn conjunction, which is associated with contractions and significant corrections. This period is often linked to conservative investment strategies, such as safe-haven assets.

Technical and Fundamental Factors

Several technical and fundamental factors support the bearish outlook for Bitcoin. Spot Bitcoin ETFs have experienced strong outflows, indicating that American investors are adopting a cautious approach. According to SoSoValue data, all spot Bitcoin ETFs have seen outflows over the past seven days.

Additionally, the potential imposition of tariffs by Donald Trump may lead to increased market volatility. Historically, Bitcoin price has been negatively impacted by such announcements, as seen earlier this month when Trump unveiled tariffs on Mexican and Canadian goods.

Technical Patterns Indicate Further Downside

The BTC price chart has formed several technical patterns that may indicate further downside in the near term. A three dark crows candlestick pattern has emerged, characterized by three consecutive bearish candles. This pattern may suggest that the current rebound is a dead cat bounce or a bull trap.

Furthermore, the Bitcoin price has moved below the Ichimoku cloud indicator and has formed a double top pattern, with its neckline at $89,107. The distance from the top to the neckline is approximately 18%. An 18% drop from this level would point to a Bitcoin price decline to the March 2024 high of $73,613.

Investor Caution Advised

Given the technical and fundamental factors supporting the bearish outlook, investors are advised to exercise caution. The potential for further downside in the near term is high, and a conservative approach may be warranted.

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