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While most traders are getting nervous about the recent Bitcoin pullback, I’m actually getting excited about what this could mean for the next major move.
Look, I’ve been analyzing patterns for over two decades, and what we’re looking at here is a textbook ABC correction with ideal mathematical proportions.
This isn’t just any random sell-off — it’s the kind of structured pullback that often precedes significant rallies.
The pattern is clean…
High, low, high, and now we’re testing a critical support zone. If Bitcoin can hold current levels and turn from here, we could be looking at the completion of this ABC structure.
The Technical Setup That Has Me Bullish
Here’s the thing about ABC corrections — they’re one of the most reliable patterns in technical analysis when they form with proper proportions.
And that’s exactly what we’re seeing here.
The key level we need to watch is the current support area where Bitcoin is testing right now. This is where the rubber meets the road. A hold here would confirm the ABC pattern and potentially set up the next leg higher.
What’s particularly encouraging is how clean this correction looks compared to some of the messy, overlapping moves we’ve seen in crypto before.
When corrections form with this kind of mathematical precision, they often lead to powerful moves in the opposite direction.
The Path to $125K
Now, I’m not saying we’re guaranteed to rocket straight up from here. But if this ABC correction holds as I expect, the fibonacci extensions from the previous rally structure point to a potential target around $125,000.
That might sound aggressive, but remember — Bitcoin doesn’t move in small increments. When it decides to run, it really runs. And the setup we’re seeing now has all the hallmarks of a major launching pad.
The bitcoin-related ETFs are also worth watching here.
Names like BITX — this is a 2x leveraged ETF, so trade with caution! — could see significant upside potential if this correction completes successfully. I’m also keeping an eye on BITU and BTCL (another leveraged instrument) as potential plays in this space.
Don’t panic if we see some additional choppiness in the near term. The key is whether Bitcoin can hold these support levels and maintain the integrity of this ABC structure.
If it does, we could be setting up for one of those moves that reminds everyone why Bitcoin remains the king of crypto.
Jeffry Turnmire
Jeffry Turnmire Trading
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I’m just a regular dude in Knoxville, Tennessee: a husband, father, civil engineer, urban farmer, maker and trader.
I’ve been at this trading thing with real money for 20-plus years, and started paper trading over 35 years ago. I have a knack for making some epic predictions that just may very well come true. Why share them? Because I like helping other people — it’s the Eagle Scout in me.
*This is for informational and educational purposes only. There is inherent risk in trading, so trade at your own risk.
P.S. Bitcoin’s Demands Keep Exploding… But Supply Isn’t
We could be mere days away before we watch prices shoot up again…
But I’m not playing it the traditional way…
Instead, I’m taking advantage of a loophole most folks don’t pay attention to – targeting double- and even triple-digit winners in just a few days!
