Bitcoin Price Stabilizes Above $65,000; Experts Divided Over Potential Corrections
Summary:
Bitcoin's price has stabilized just above the key support level of $65,000, leading cryptocurrency experts to view the coin's price structure as strong. While some experts suggest potential for a significant price drop, others argue it has already happened. The price of Bitcoin notably rebounded four days after a 15% drop, a pattern considered common in bull runs. Analysts are carefully watching Bitcoin's price, particularly following the recent halving event, while some suggest focusing only when Bitcoin approaches its all-time high again.
The price of Bitcoin (BTC) has fortified its position just above its crucial support level of $65,000, leading cryptocurrency experts to deem its price pattern as robust. The prospects of a significant value drop soon is looked upon with skepticism by some. An anonymous virtual currency trader, Yoddha, expressed to his 49,000 X followers on May 18 that Bitcoin’s price endurance makes a significant drop unlikely.
Rekt Capital, another commentator, highlighted that a significant price adjustment has already transpired, with Bitcoin's value dropping 15% from $66,421 on April 24 to $56,792 on May 2, according to CoinMarketCap data. In a recent X post, Rekt commented, “A significant and extended drop has occurred, when both occur together, usually the bottom is near.” As per CoinMarketCap, Bitcoin has appreciated 8.95% over the last 30 days.
Merely four days later, on May 6, Bitcoin’s price bounced back beyond its critical support benchmark of $65,146. This pattern is not unusual during bullish phases, according to some traders. On May 18, crypto commentator Starbust noted in a post, “In Bitcoin bull markets, standard drops are typically sudden, intense and quickly offset by rebounds.”
Mags, another crypto trader, referenced the typical market pictograph, the “Psychology of a Market Cycle” by Wall Street Cheat Sheet to state that Bitcoin is harnessing belief — the phase where investors gain greater confidence in market advancements.
Given the Bitcoin halving occurrence on April 20, there is keen anticipation around Bitcoin's price fluctuations, drawing from previous halving events. Following the Bitcoin halving in May 2020, the price surged from $9,383 to $58,958 by May of the following year. However, it confronted a 40% drop down to $35,484 the next month.
Yet, some pundits believe that analysing Bitcoin’s price trajectory is futile until it closes in on its all-time high again, crossing the $70,000 mark. Mati Greenspan, the founder of Quantum Economics, conveyed to Cointelegraph on May 17 that it’s the price surge which is noteworthy, making chart analysis redundant unless a significant value surge happens. Echoing this sentiment, an anonymous digital currency trader, PlanC, advised to disregard transient price fluctuations.
Published At
5/19/2024 5:26:43 AM
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