Is a New Record Coming in Bitcoin, or is it a Correction? Analyst Evaluated!

The leading cryptocurrency Bitcoin (BTC) reached a new ATH after the rally it experienced last week, but then entered a consolidation phase.

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 the trading resource Material Indicators, in his latest analysis stated that Bitcoin has correction potential and could test 94 thousand dollars.

Keith Alan stated that whales continue to accumulate and that Bitcoin is consolidating above 100 thousand dollars.

Alan stated that this situation supports the bullish outlook for BTC, but also mentioned that there is a possibility of a correction.

According to the analyst, if sellers temporarily regain control, the downward target could be around 94 thousand dollars, which is the 21-week moving average.

"We are in a bull market and the trend is upward, but there is not always an upward movement in trading. Only progressing upward is a myth.

It is rare to see consecutive green candles of 7 or more. If this happens, this green period is usually followed by consolidation or correction periods.

Currently, BTC is consolidating above 100 thousand dollars and whales are accumulating.

Although the outlook is bullish, there is a possibility that Bitcoin may face a correction. If a correction occurs, a support level will form at $94,000, which corresponds to the 21 Weekly Moving Average.

So I expect the testing of 94 thousand dollars in the case of BTC correction.