In experts’ opinion, Bitcoin holds strong on its 67K price, and there is a rare chance for Bitcoin to experience a major drop in its price. Bitcoin is heading for its next resistance at $68,800.
Bitcoin is trading above its support level of $65,500, showing its strong formation at the current price. Many experts believe that there are rare chances of a deep correction; however, some of them still think that this coin can experience a major drop shortly.
“Bitcoin is holding up the price so strongly that I don’t think there will be a deep correction,” a famous crypto trader Yoddha posted on May 18 on X.
Another crypto trader, Rekt Capital, explained that there are fewer chances of a deep correction as it has already happened when the price fell 15% from $66,421 on April 24 to $56,792 on May 2, as per the data collected by Coinmarketcap.
“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 posted on X.
Source: CoinMarketCap
A few days before, on May 6, the Bitcoin price bounced back from its support of $65,146. This happened in a bull run, as all traders witnessed it.
“Normal corrections in Bitcoin bull runs are usually nukes that are sharp and quick with a quick bounce back,” Starbust posed on X in a May 18 post.
While trying to explain crypto trader Mags, he referred to the Wall Street Cheat Sheet’s “Psychology of a Market Cycle” to highlight that Bitcoin is “entering the belief” phase. This is a stage where investors begin to feel more confident about market gains.
As the Halving event happened on April 20, after this event, investors and traders are keenly observing the price of Bitcoin to spot corrections. Observers are trying to relate these corrections to the previous halvings.
By comparing this halving to the last halving that happened in May 2020, the Bitcoin price skyrocketed from $9,383 to $58,958. Immediately after this surge, Bitcoin corrected 40% by dropping its price to $35,484 in June.
Some analysts believe there’s little value in analyzing Bitcoin’s price chart until it breaks past the figure of $70,000, closer to its all-time high.
“It’s the breakouts that are exciting, so until we have a breakout, analyzing the charts will be pretty futile.” Quantum Economics founder Mati Greenspan spoke on a crypto platform on May 17.
“Forget all the short-term price action,” crypto trader PlanC said.
