Bitcoin Price Prediction: Panic Candle Appears – Could BTC Be Heading for a Sharp Reversal Dip

Key Points

1. Bitcoin is currently trading around $118,885, with a recent decline to $115,736 seen as an effort to close the CME Gap between $114,000 and $117,000, now acting as support.

2. Technical analysis indicates a robust uptrend, with Bitcoin positioned above key moving averages (20, 50, 100, and 200-day EMAs), suggesting bullish momentum.

3. The RSI indicator shows no bearish divergence, implying the recent red candle may represent a cooling-off period before another upward movement.

4. Bitcoin's market capitalization exceeds $2.36 trillion, with daily trading volume surpassing $50 billion, following a Wyckoff Accumulation Pattern.

5. A breakout above $120,000 could catalyze movement toward the next major Fibonacci-derived target at $124,600, with potential for further gains.