As an experienced analyst in the cryptocurrency market, I have closely monitored Bitcoin’s (BTC) price movements and trends for several years. Based on my observation and analysis of the current market conditions, I believe that Bitcoin’s stronghold above its key support level of $65,000 indicates a resilient market.
The price of Bitcoin (BTC) has solidified its place just above its significant support of $65,000. Crypto analysts are now questioning the predictions of an imminent major correction due to the robust formation of Bitcoin’s price structure.
As an analyst, I’ve been closely monitoring the cryptocurrency market and I firmly believe that Bitcoin’s robust performance is preventing any significant price correction at this moment in time.
During this time, Rekt Capital noted that the major decline in Bitcoin’s value had already taken place. The cryptocurrency dropped by approximately 15% from its price of $66,421 on April 24 to $56,792 on May 2, according to CoinMarketCap figures.
As a researcher studying market trends, I’ve observed that corrections, whether deep or prolonged, often bring the market bottom relatively close. In a recent post on X, I expressed this idea by stating, “We’ve experienced some significant corrections, and when we combine both depth and length, the market low tends to be particularly near.”
Four days after hitting a crucial support level of $65,146 on May 6, Bitcoin’s price bounced back above that mark, which some traders believe is typical during a bull market.
In a May 18th post, crypto analyst Starbust described typical adjustments during Bitcoin’s bull markets as “sharp and swift corrections,” featuring a prompt rebound.
Crypto trader Mags referred to the standard market chart, specifically the “Psychology of a Market Cycycle” graph from the Wall Street Cheat Sheet, to explain that Bitcoin was moving into the “confidence-building” phase of the cycle. During this stage, investors grow increasingly certain in the market’s upward trend.
Experts and onlookers are keeping a keen eye on Bitcoin‘s price movements, paying close attention since the cryptocurrency’s halving on April 20th. They are using historical halving occurrences as a guide.
As a crypto investor, I’ve witnessed firsthand the significant price increase of Bitcoin following its halving in May 2020. The digital currency soared from $9,383 to an astounding $58,958 by May 2021. However, even with this impressive growth, there was a sudden correction – a 40% decline – that brought Bitcoin down to $35,484 in June.
Some analysts argue that it may not be productive to closely examine Bitcoin’s price chart until it surpasses $70,000 and approaches its record high once more.
Mati Greenspan, founder of Quantum Economics, expressed to CryptoMoon on May 17th that “the true action lies in the breakouts, making chart analysis less productive until such breakouts occur.”
“Forget all the short-term price action,” added pseudonymous crypto trader PlanC.
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2024-05-19 05:29