💥💥💥Top Analysts Unanimous that #bitcoin Correction Ends at $56K
In the past 24 hours, the #cryptocurrency market has experienced a significant downturn, resembling a bloodbath. Bitcoin, in particular, has been pushed back into the $50K range, levels not seen since two months ago before its all-time high in March of $73,750.
Bitcoin hit an intraday low of $56,555, marking a steep 9% drop from its previous range around $60K. This downward movement has also impacted the altcoin market heavily, with assets like #Dogecoin (DOGE) and #Toncoin (TON) witnessing double-digit percentage losses.
This prolonged downward trend in the Bitcoin market has persisted for nearly five weeks, resulting in a staggering 22.35% decline from its all-time high value. However, prominent analysts in the cryptocurrency space believe that Bitcoin's price may not experience significant further crashes.
Analysts Suggest Bitcoin Bottom Is Reached
- Rekt Capital, in an updated analysis of Bitcoin, highlighted that the drop to the $56K level represents the most significant decline witnessed in this cycle. Their chart indicates that after similar 20% declines in the past, there tends to be a sustained relief rally to higher price levels.
- Renowned analyst Michaël van de Poppe echoed a similar sentiment, suggesting that Bitcoin has reached the final stage of price consolidation. While acknowledging the possibility of further retracement, he emphasized that the $56K to $58K range will be crucial to observe. Additionally, he proposed that the altcoin market may recover earlier than the Bitcoin market.
- Sergio Tesla, a crypto statistician, shares bullish sentiments similar to Van de Poppe and Rekt Capital. He accurately predicted Bitcoin's drop to $56K during its rally to the all-time high in March. Sergio sees $56K as Bitcoin's bottom before expecting a rapid rally back to the $80K range.
- As of now, Bitcoin is trading at $57,495, showing a modest gain of around $1,000 following the recent steep drop.
Source - thecryptobasic.com
