⁠Is the price of $BTC heading towards USD 50,000?

Although the current decline remains in line with historical corrections, Bitcoin could briefly dip to the $50,000 mark after missing the ETFs' average entry mark of $59,000

The price of Bitcoin is down around 21% from its all-time high. But while this remains in line with previous bull market corrections, Bitcoin could still fall to $50,000 in the near term, based on historical patterns.

Bitcoin is 25% below its all-time high. Bitcoin price fell more than 12% on the weekly chart to $57,780 as of 1:10 p.m. in UTC, representing a 21.6% decrease from its all-time high of $73,750, reached on March 14, according to data from CoinMarketCap.

The current correction is the deepest pullback of this cycle, according to popular Bitcoin analyst Rekt Capital, who wrote in an X post on May 1:

“This current pullback is officially the deepest (-23.6%), recently surpassing the -22.9% pullback in early 2023. […] Bitcoin has already surpassed the deepest pullback in the cycle and is 13 days away from matching it as well the longest setback in this cycle.”

The correction has lasted 48 days, compared to the longest pullback of 63 days during this cycle.