A renowned crypto analyst has made a chilling observation regarding Bitcoin. According to their analysis of historical data, the recent correction in Bitcoin seems to have ended, marking the conclusion of a perilous period for the cryptocurrency. Despite the recent rally from the accumulation area, Bitcoin's fall of 23 percent from its peak in mid-March to $56,800 on May 1 was concerning. The analyst warned that if $56,000 isn't the bottom, this pullback could stretch to 63 days, making it the longest duration in this cycle. While BTC is currently trading around $63,000, the analyst cautioned that historical cycle movements may not accurately predict future ones. Further pullbacks could still occur during the flat market period following the halving. However, the analyst expressed confidence that current support levels around $60,000 will hold. They anticipate Bitcoin rising to $68,000 in the short term, citing macroeconomic factors such as the global liquidity cycle.
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