Despite ongoing talk about Bitcoin potentially dropping significantly, some cryptocurrency analysts aren’t convinced it will happen.
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Bitcoin’s price has remained steady, staying just above the critical $65,000 support level. Many traders feel confident in this stability. In fact, some are now questioning whether a big drop is likely to occur anytime soon.
Bitcoin Price Stability Amidst Speculation: Crypto Traders’ Perspectives
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According to pseudonymous crypto trader Yoddha, Bitcoin’s current strong price performance suggests a deep correction might not be imminent, as he shared with his 49,000 followers on May 18.
Meanwhile, pseudonymous trader Rekt Capital pointed out that a significant correction has already occurred, noting Bitcoin’s price drop from $66,421 on April 24 to $56,792 on May 2, based on CoinMarketCap data.
“We’ve experienced a deep and prolonged correction, and with a combination of these factors, the bottom is often near,” Rekt Capital asserted in a recent update.
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Bitcoin is up 8.95% over the past 30 days. Source: CoinMarketCap
Despite this, Bitcoin bounced back above the critical support level of $65,146 on May 6, a pattern some traders see as typical during bullish phases.
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“Normal corrections in Bitcoin bull markets tend to be sharp and swift, followed by a rapid recovery,” explained crypto commentator Starbust in a post on May 18.
Bitcoin Price Analysis and Current Market Sentiment
Crypto trader Mags referenced the “Psychology of a Market Cycle” from the Wall Street Cheat Sheet, suggesting that Bitcoin is entering the “belief” phase. This phase typically sees investors gaining confidence in market gains.
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Source: Mags
Analysts are closely monitoring Bitcoin’s price for indications of further correction, especially following the Bitcoin halving event on April 20, drawing comparisons to past halvings as a guide.
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For instance, after the May 2020 halving, Bitcoin surged from $9,383 to $58,958 by May 2021. However, just a month later, it experienced a 40% correction, dropping to $35,484 in June.
Some analysts argue that scrutinizing Bitcoin’s price chart is futile until it breaks past $70,000, nearing its all-time high again.
On May 17, Mati Greenspan, founder of Quantum Economics, highlighted, “It’s the breakouts that are exciting, so until we have a breakout, analyzing the charts will be pretty futile.” Pseudonymous crypto trader PlanC echoed this sentiment, advising to “forget all the short-term price action.”
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Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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