Despite speculations about Bitcoin's "deep correction", some crypto analysts remain clear on whether this will happen. Bitcoin's $65,000 support level is critical and crypto buyers are vigilantly watching for it to remain intact. Therefore, there is uncertainty about the accuracy of these speculations in the short term.
Analyst Perspectives
"Bitcoin is definitely keeping the price strong and I don't think there will be a deep correction." Yoddha stated this on his Twitter account 49900. On the other hand, Bitcoin price fell 15% from $66,421 to $56,792 during a broad correction period on May 18. “We were in a big correction, we were in a long correction, and when you mix those things, the bottom is always almost close.” Rekt stated this in a recent post on X.
Latest Comebacks
On May 6, BTC registered a new rally above the critical $65,146 support level, and some analysts believe that this is a typical scene during a bull market. “Traditional corrections in bull trends can be sharp, but their recoveries are also rapid,” market expert Starbust said on May 18. Crypto trader Mags explains in market chart chart Wall Street Cheat Sheet's "Psychology of a Market Cycle" that Bitcoin has entered the "belief" phase of the cycle; Here investors start to have confidence in the growth of the market.
Historical Context and Future Projections
It can be said that the price of Bitcoin will be closely watched by analysts and observers for further price declines, especially with the last Bitcoin halving taking place on April 20. Past halvings provide a benchmark. When the Bitcoin halving occurred in May 2020, the price of the cryptocurrency rose from $9,383 to $58,328, and in June there was a correction of up to 40%, with prices falling to $35,484.
Current Sentiments and Market Tracking
Still, some think that examining Bitcoin's price chart is completely unnecessary until it surpasses the $70,000 level. "What's exciting is the breakouts, so we have to have a breakout before doing any further analysis on the charts," Mati Greenspan, founder of Quantum Economics, said May 17. said. “Forget all the short-term price action,” said the crypto trader whose nickname is PlanC. He reacted as follows:
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