Cryptocurrency analyst Min Tae-yoon has published a compelling analysis of the Bitcoin (BTC) price. According to Tae-yoon, BTC has reentered the classic “Triple Power” market structure, and as this structure nears its distribution phase, a break above $120,000 could trigger rapid upward momentum.
Last weekend, Bitcoin’s price fell to $112,000, a decline that some analysts believe could have triggered a “position reset” and paved the way for a rally. Tae-yoon argues that this correction could actually pave the way for a new upward move.
The “Power of 3” model describes a three-stage market structure: “accumulation – manipulation – distribution.” This structure is particularly used to analyze the liquidity movements of institutional investors and is often preferred to understand the delayed reactions of individual investors.
According to the analysis, Bitcoin established a solid base in the $115,300-$119,500 range during the accumulation phase. The subsequent sudden drop dragged the price down to $112,000. This movement is generally interpreted as the liquidation of individual investors who bought at the peak and the creation of a new accumulation base in the market.
One of the most striking points in Tae-yoon’s analysis is that the $120,000 level acts as a “powerful price magnet.” If the price reaches and sustains above $115,300 and $116,800, Bitcoin could break through the $120,000 resistance and rapidly rally to the technical target of $126,000.
It’s estimated that $922 million worth of leveraged positions were liquidated during the recent correction. Position resets of this scale typically reduce market overheating and pave the way for a new rally.
*This is not investment advice.
Source: https://en.bitcoinsistemi.com/korean-analyst-states-this-level-in-bitcoin-is-like-a-very-strong-magnet/