Crypto:
30336
Bitcoin:
$65.070
% 0.22
BTC Dominance:
%54.2
% 0.09
Market Cap:
$2.37 T
% 0.16
Fear & Greed:
60 / 100
Bitcoin:
$ 65.070
BTC Dominance:
% 54.2
Market Cap:
$2.37 T

Bitcoin’s Resilience: Analysts Disagree on Potential for Deep Correction

Tempory 17

Regardless of speculations on the next Bitcoin “deep correction,” some cryptoanalysts stand firmly by whether it will happen or not. The $65K support level of bitcoin is key, and buyers in crypto are vigilant that the formation remains solid. Hence, this situation has arisen where there is uncertainty about the truth behind these speculations in the short term.

Analyst Perspectives

“Bitcoin, of course, is keeping the price strong, which I don’t think will have a deep correction.” Yoddha said on his 49900 Twitter as a contributor. Meanwhile, the bitcoin price fell by 15% from $66,421 to $56,792 in a broad correction time frame, as some people call it, on May 18. “We had been in a major correction; we had been in an extended correction, and when you mix them up, the bottom is almost always close”  Rekt told in a recent post on X.

Recent Rebounds

On May 6, BTC registered a fresh rise above the key support level at $65,146, a move that some analysts believe is a typical scene during bull runs. Market expert Starbust stated on May 18: “Traditional corrections in bull trends are bombs that are steep, but their recovery is very fast.” Mags, a crypto trader, explained how the market graphics sheet Wall Street Cheat Sheet’s “Psychology of a Market Cycle” plays a role where you can see that Bitcoin is beginning the “belief” stage of the cycle, where investors start to feel confident about the market’s growth.

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Historical Context and Future Projections

It is needless to say that the price of Bitcoin will be closely monitored by analysts and observers for more price drops, especially the last Bitcoin halving, which occurred on April 20. They have past halvings as a precedent. No sooner than the Bitcoin halving was implemented in May 2020, the price of the crypto coin rose from $9,383 to $58,328 by May of the following year. Nevertheless, this quickly resulted in a 40% correction and decreased prices to an even lower level of $35,484 in June.

Current Sentiments and Market Watch

Yet others think that it is totally futile to study Bitcoin’s price chart until it rips through $70k, which is near the record high again. On May 17, Quantum Economics founder Mati Greenspan explained that “it’s the breakouts that are exciting, so we need to have a breakout before doing any further analyses on the charts.” Pseudonymous crypto trader PlanC reacted by saying, “Forget all the short-term price action.””

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