Bitcoin is close to hitting a price that could see a 47 percent correction, according to one analyst, following a huge rally for the cryptocurrency that has led it to record highs.On Thursday, bitcoin hit an all-time high of $2791.70, according to CoinDesk data, marking a 180 percent rally year-to-date.Meanwhile, the number of long positions – those betting on bitcoin to rise – has risen 18.2 percent, while short positions – those thinking the cryptocurrency will fall – have declined 10 percent since the start of the week, showing that traders are getting more bullish on the cryptocurrency, according to data from Bitfinex.One technical analyst, who looks at historical trading patterns to determine future price moves, told CNBC that the $2,800 could mark a level of resistance where the bitcoin pulls back.Bitcoin was as little as $9 off of that price on Thursday morning.Nicola Duke, an analyst at analysis platform Forex Analytix, uses a form of technical analysis known as Fibonacci retracement, which looks at the peaks and troughs of previous "waves" or rallies and falls in bitcoin to get a sense of where the future price of an asset could move.

In "wave two" of bitcoin which began in the fall of 2013 and bottomed in January 2015, the price of the cryptocurrency rallied sharply for several months before seeing a steady decline.Following January 2015, the asset began to rally again.Currently, the bitcoin world is in "wave three" and according to Duke's analysis, $2,800 could be the level at which bitcoin begins its fall.The price is likely to hit $1,780, but could even fall as far as $1,470, Duke told CNBC.This would mark a 46.5 percent decline from Thursday's high.According to Fibonacci analysis, the way bull markets typically work is that you'll have a pullback that stops when it retraces a key percentage of a previous move higher—these key percentages all come from so-called Fibonacci ratios.One of those ratios is 61.8 percent.So she expects this particular wave, known as the fourth wave, to last 61.8 percent of how long wave two lasted, which means the rally after the correction would start in January."We will see the bottom in start of January, that is when stock markets typically tend to have a correction as well," Duke said.

But after that, there should be a sustained rally to $3,350 and then $4,480 in 2018, Duke said.So while the long-term prospect of bitcoin seems to be positive, in the near-term, traders could see a pull-back.However, not all agree with Duke's forecast.Bitcoin to hit $6,000?A number of reasons have pushed bitcoin to record highs, such as legalization of the currency in Japan for payments, boosted interest from Korea, as well as the conclusion of a debate about the future of the cryptocurrency.bitcoin faucet hack 2016Fifty-six companies around the world and 83 percent of bitcoin miners supported the "Bitcoin Scaling Agreement," according to the Digital Currency Group.bitcoin difficulty 2014The document lays out an upgrade that should increase bitcoin's transaction capacity.ethereum motherboard

Because of these factors, Aurelien Menant, CEO of Gatecoin, a regulated crytocurrency exchange, said bitcoin could hit $6,000, revising a forecast from earlier in the year of $3,000."There is a lot of fresh liquidity flowing into bitcoin, thanks to a surge in interest among investors in Asia, notably Japan and Korea, coupled with a resolution to the scaling debate.bitcoin la gi tinhteI would not be surprised to see the bitcoin price doubling again to around $6000 by the end of the year," Menant said.bitcoin mining wifiBitcoin price could experience a 47 percent price correction at $2,800 one bitcoin analyst predicted after witnessing a record $2,791.70 high Thursday, according to an analyst.bitcoin zebraThe correction will only be temporary, said analyst Nicola Duke of Forex Analytix speaking to CNBC, who predicted the price will continue its upward movement through 2018.bitcoin hourly investment

Bitcoin’s price is at $2,473 at press time, giving it a market cap of $40.4 billion, according to data from CoinMarketCap.Possible price corrections notwithstanding, the number of investors betting on bitcoin to climb higher has jumped 18.2%.Those taking short positions have fallen 10% since early this week.Investors are getting more bullish, according to the Bitfinex exchange.bitcoin crash december 2013Duke said the $2,800 point will mark a resistance point, after which the price will drop.hourly invest bitcoinThe cryptocurrency was just $9 off that mark Thursday morning.An analysis called the Fibonacci retracement examines the peaks through different periods of up and down movements to determine future asset prices.In “wave two,” in the fall of 2013, bitcoin bottomed out in January 2015 before rebounding for several months and then declining again.

It rebounded again in January of 2015.Duke said bitcoin is now in a third wave.After reaching $2,800, Duke predicted it will fall and reach as low as $1,470, marking a 46.5% drop from the current price.Bull markets, according to Fibonacci analysis, experience a pullback that ends when it retraces a key portion of a prior move higher.Such percentages are based on “Fibonacci ratios.” One such ratio is 61.8%.Duke expects the fourth wave will see bitcoin stay at 61.8% of the time the second wave lasted.This means the rally following the correction will begin in January.The stock markets also typically experience a correction in January, Duke said.Following the correction, another rally will take bitcoin to $3,350, and then to $4,480 in 2018, according to Duke.Also read: What bitcoin’s new price trend means for the ecosystem Duke’s forecasts for bitcoin are less bullish than some other veteran observers’.Aurelien Menant, CEO of Gatecoin, said bitcoin could hit $6,000 by year’s end, amending his earlier $3,000 forecast this year.