TechFlow, Nov 15 — According to Cointelegraph, technical analysis of Bitcoin shows that the market structure is forming a typical annual Wyckoff Distribution pattern, suggesting its bull cycle may be nearing an end. Based on this model, the price range from approximately $122,000 down to $104,000 indicates a potential downside target around $86,000.
The current key support level is around $94,000, which aligns with the cost basis of medium-term holders (6 to 12 months). If this level is breached, the market could truly enter a correction phase.
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