As a seasoned crypto investor with a few years of experience under my belt, I’ve seen my fair share of market corrections and bull cycles. The recent correction in Bitcoin’s price, which has dipped below the $60,000 support level, is concerning but not entirely unexpected.
Beginning on May 1st, Bitcoin (BTC) experienced a fresh correction that caused its price to dip below the $60,000 mark, acting as a significant support level. Throughout this ongoing bull market, Bitcoin has encountered multiple pullbacks. However, it has consistently bounced back and reclaimed these essential support zones.
In the last day, Bitcoin, the leading cryptocurrency by value, has had difficulty recovering its previous strength. Some market observers speculate that we may have reached Bitcoin’s lowest point in this market cycle, given the current correction’s significant depth.
Is The Bitcoin Bottom Here?
On Taylor morning, Bitcoin experienced a significant drop in value, moving downwards from approximately $64,000. Throughout the day, this trend continued, with BTC dipping as low as $59,958 and $59,191 before bouncing back.
On this occasion, Bitcoin’s price rebound was short-lived as it once again slumped to a level of $57,000. In a recent discussion on the X forum, cryptocurrency trader Milkybull presented some intriguing data that could potentially indicate a market bottom.
As a crypto investor, I’ve noticed that the analyst’s assessment indicates BTC is mirroring its price action from 2017. This implies that we may have reached or are nearing the bottom. Furthermore, it’s essential to keep in mind that positive news often marks market peaks, whereas negative news can signal the end of a bear market and the beginning of a bull run.
As a researcher studying Bitcoin’s market trends, I’ve observed that the Bitcoin Bull Market Support Band indicator has historically provided robust support during the cryptocurrency’s bull cycles. Consequently, when I noticed this particular support level being challenged in a recent thread, my initial thought was that Bitcoin might experience a temporary dip before rebounding back up.
Based on the analysis, there is a significant connection between Bitcoin’s price and global liquidity. At present, Bitcoin is at a point it has historically rebounded from. These rebounds have led to substantial rises in the crypto market during October 2022 and October 2023.
As a crypto investor, I’ve come across an interesting thread suggesting that Bitcoin is at a pivotal moment in determining its local minimum. Some analysts predict that the bottom could be as low as $48,000, but I believe it’s worth keeping an eye on the $51,000 support level. It’s possible that Bitcoin could bounce back from this point and continue its trend toward reaching the cycle’s peak.
Bitcoin’s Deepest Retrace This Cycle
As a researcher studying cryptocurrencies, I’ve come across an intriguing observation from crypto analyst and trader Rekt Capital. He asserts that today’s BTC correction, representing a decrease of 23.64%, has surpassed the previous deepest retracement during this market cycle which was -22.91% in February 2023.
The analyst made a comparison between the “Post-Halving” dip in this cycle and the one seen in 2016. Additionally, the trader holds the belief that this current bull market could share more similarities with the 2016 market than most investors are aware of.
#BTC
We are here (orange circle)
In the past, following a Bitcoin halving event similar to the present one in 2016, we’ve observed price pullbacks. #Bitcoin #BitcoinHalving #BTC
— Rekt Capital (@rektcapital) May 1, 2024
As an analyst, I’ve identified three points of similarity between the two market cycles, as suggested by Rekt Capital. The first point is the “Pre-Halving Re-Accumulation Range Breakout.” In simpler terms, this refers to the period before a Bitcoin halving event where investors accumulate coins within a certain price range, waiting for the breakout after the event.
Following today’s analysis, the expert noted a fourth likeness between the 2016 and 2024 Bitcoin cycles. In line with what transpired eight years ago, Bitcoin is predicted to experience further price declines within the three-week timeframe post-Halving.
Additionally, the analyst opines that the recent trend in pricing is unremarkable given that it follows the pattern of the “Post-Halving Peril” observed in 2016.
From my current perspective as a researcher, I can share that at present, Bitcoin (BTC), the leading cryptocurrency, is being traded at a price of $57,794.89. This recent decline signifies a decrease of 6.2% over the past 24 hours. Furthermore, on a weekly basis, BTC has experienced a more substantial drop of 13.4%, while the monthly price trend reveals a decrease of 17.7%.
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2024-05-02 05:19