Is Bitcoin Price Correction Over?

With Bitcoin price slowing down around the $61K support level, investors are wondering is the correction is done or if BTC will slide lower?

Bitcoin has dropped nearly 10% in the past four days, leaving investors wondering if the correction is done. Is BTC done sliding lower? This is unlikely, considering the technical and on-chain analytics. Analysts also forecast a further drop in the world's largest crypto by market capitalization.

Is Bitcoin Correction over?

Since the September 27 swing high of $66,498, Bitcoin price has shed 9.50% and trades today at $60.3K. Thursday's Asian trading session saw an uptick, but in the London session, BTC is down 2.05%,

Popular crypto analyst Crypto Capo noted that the crypto market was "looking heavy" and he "wouldn't rule out a final shakeout." Capo expects another 10% to 20% correction for Bitcoin. Considering the current level of $60.2K, this drop would push BTC down to the $48K to $54K range. The analyst ended his analysis by saying that he was "not selling my positions, but hedging. Just in case."

Unlike Capo, Trader Mayne, co-founder of Breakout prop trading firm, believes that there could be a bounce. Mayne adds that he wouldn't mind "bidding" BTC between $60.2K and $58K and expect a run up to $61K to $63K. However, he did warn that a new high time frame low could be on the way unless Bitcoin reclaims the $65K level decisively.

BTC Price Forecast: Now or Never.

If the crypto market outlook has changed and the historical Q4 performance has kicked in, then a Bitcoin bounce should happen around $59.4K, which is the yearly VWAP and also critical support. This move would keep the uptrend intact and provide BTC bulls with a foothold to decisively overcome the $64K to $65K hurdle. However, a failure from bulls here could send BTC down the $57.2K to $57.9K support levels, which is the last chance to keep the bull trend dream alive.