As an experienced analyst, I’ve witnessed numerous market corrections throughout Bitcoin’s history. While the recent 20% decline over the past three months may be concerning for some, I believe that this is just another routine correction in the market cycle. The comparison of current price levels to previous all-time highs is not new terrain for Bitcoin, as we have seen similar corrections occur every 12 months or so.
Over the last three months, Bitcoin (BTC) has experienced a drop of around 20%. However, cryptocurrency traders remain unperturbed, viewing this as a normal adjustment within the market’s cyclical trends.
As a crypto investor, I’ve experienced four significant corrections, each taking about 20% off Bitcoin’s value within the past year. And here we are again, facing this latest price adjustment, which feels rather routine when compared to Bitcoin’s all-time high of $75,830 on March 14. According to Raoul Pal, CEO of Real Vision, he made this observation in a post on X, April 30th.
“Rekt Capital, a pseudonymous crypto trader, stated in a recent post that this is precisely the adjustment the market cycle requires to align with historical price trends and the conventional Halving Cycle.”
“According to Thomas Fahrer, CEO of cryptocurrency review platform Apollo, the price could drop to $40,000 or surge to $400,000 – it’s unpredictable but an intriguing opportunity.”
Based on current market information from CoinMarketCap, I observe that Bitcoin’s value stands at $59,730 as of now. However, it experienced a decline of approximately 6% within the previous 24-hour period.
For a short period, the price dipped under its support level at $59,097, causing a wave of $96.5 million in long position closures as indicated by CoinGlass statistics.
According to Rekt’s comment in a recent Reddit post, Bitcoin’s price is approaching its last low point as it continues to decrease by 1% each time.
Ben Simpson, the CEO of Collective Shift, expressed his belief to CryptoMoon that the current cryptocurrency market could be experiencing a “calm stage” following the Bitcoin halving, as there seem to be fewer compelling themes or stories driving trader sentiment at present.
However, he remains optimistic about the market’s long-term prospects beyond the next few months.
“I believe in the next month or two we are going to see some choppiness sideways, and a continued drawdown, especially when we still have macro uncertainty, we have the rate Fed decision, the ongoing war, there is a lot of uncertainty in the market.”
Several traders have identified potential bullish signals on Bitcoin’s price graph, suggesting a possible price surge within the upcoming quarter.
Crypto trader Gally Sama identified a potential cup-and-handle formation in Bitcoin’s price trend. In this pattern, the price experiences a U-shaped dip followed by a recovery, resembling the outline of a cup. According to Sama, the “handle” is developing “either around or slightly above previous highs.”
The crypto market as a whole underwent extensive corrections in tandem with Bitcoin, resulting in a 7.4% decrease for Ether (ETH), a 10.1% drop for Solana (SOL), and a similar 10.1% decline for Dogecoin (DOGE).
The market downturn during the last 24 hours has resulted in a decrease in investor confidence overall, according to the Fear and Greed Index.
On May 1st, the index reading dipped to a “neutral” level of 54, which is its lowest point in the past three months. This represents a decrease of 13 points compared to the “greed” level of 67 recorded on April 30th.
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2024-05-01 06:16