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Bitcoin's $66.9K stability sparks mixed opinions on future corrections

Crypto traders remain divided on Bitcoin's future trajectory, with some asserting a major correction has already occurred and others emphasising long-term trends and growth potential

Shashank Bhardwaj
Published: May 20, 2024 04:01:40 PM IST
Updated: May 20, 2024 10:35:37 AM IST

Bitcoin's .9K stability sparks mixed opinions on future correctionsImage: Shutterstock
 
Bitcoin's price has remained resilient, hovering around $66,900, sparking lively debates among cryptocurrency analysts regarding the likelihood of a significant correction. Despite concerns about a potential "deep correction," opinions vary within the crypto community.

Analysts such as Rekt Capital have pointed out that a significant correction has already taken place, indicating the potential proximity of a market bottom. He also highlighted that a significant correction has already occurred, with Bitcoin's price dropping by 15 percent from $66,421 on April 24 to $56,792 on May 2.

We’ve had a deep correction, we’ve had a long correction, and when you have a mix of both, the bottom is always very close,” Rekt stated in a recent post on X.

However, by May 6, Bitcoin’s price rebounded above the critical support level of $65,146, which some traders see as typical during bull runs. Crypto commentator Starbust remarked in a May 18 post, “Normal corrections in Bitcoin bull runs are usually nukes that are sharp and quick with a quick bounce back. this is not a normal correction. Not even close with the way this play action is.”

Analysts are watching Bitcoin's price closely for further corrections, especially since the April 20 Bitcoin halving event. Drawing on historical patterns, after the May 2020 halving, Bitcoin’s price rose from $9,383 to $58,958 by May 2021 but then dropped 40 percent to $35,484 in June. Some analysts argue that focusing on Bitcoin's price chart is pointless until it surpasses $70,000 and approaches its all-time high.

As of May 20, Bitcoin is trading around $67,000, up nearly 8 percent in the last week. The 24-hour trading volume is $22.79B, up 45.35 percent.

Shashank is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximalist.
Twitter: @bhardwajshash