Bitcoin Recovers Slightly After Strong Correction, New Target 131,000 USD Ahead

After a deep adjustment at the end of July, the Bitcoin market has shown signs of recovery in the past week, with a rise to the sky of 2.73% according to data from CoinMarketCap. However, this upward momentum has been backstopped, causing the leading cryptocurrency to return to trading around the zone of 116,000 USD. Currently, the market is awaiting the next signal, as accumulation trading data indicates the possibility of a rise to the sky to a new peak. Strong Support Zone: Golden Ratio in Sight On August 8, financial analyst Donald Dean shared a positive forecast about Bitcoin on X. He pointed out that on the daily BTC/USDT chart, Bitcoin is forming a volume shelf — a price zone where trading volume accumulates significantly. On the chart, the volume shelf zone appears at around 116,000 – 118,000 USD. According to Dean, if Bitcoin maintains and accumulates in this area, the buying pressure will be strong enough to serve as a "springboard" for a new breakout.

He predicts that after this accumulation phase, Bitcoin could target the 1.618 Fibonacci extension — also known as the "golden ratio" (golden ratio) — located around 131,000 USD. This is an important technical milestone, equivalent to an increase of about 12.93% compared to the current price. Bitcoin Market Overview As of the time of writing, Bitcoin is trading at 116,756 USD, down slightly by 0.02% in the past 24 hours. The trading volume has decreased by 20.97%, down to 55.24 billion USD. According to data from CoinCodex, market sentiment still leans heavily towards an upward trend, with the Fear & Greed Index at 67 ( leaning towards "greed" ). However, many experts predict that Bitcoin will continue to fluctuate within a narrow range in the short term: Next 5 days: around 117,167 USD Next 30 days: around 115,980 USD Next 3 months: may drop back to the level of 112,688 USD before rising again. Conclusion Bitcoin is facing an important price zone, which serves both as strong support and a potential launchpad. If it surpasses the zone of 118,000 USD with solid buying volume, the target of 131,000 USD is entirely feasible. However, investors should note that before reaching this milestone, the market may experience some short-term corrections.