Bitcoin Correction: Will Bears Break $50,000 or Will BTC Bounce Back Strongly?
Bitcoin experienced a flash crash on July 4 and 5, causing the world’s most valuable coin to extend its losses from all-time highs to about 30%. Despite a relief bounce over the weekend that pushed BTC up by nearly 11%, the cryptocurrency remains within a bearish formation.
Analysts are predicting that the correction is not over yet, with one expert suggesting that Bitcoin could potentially drop below last week’s lows and even break the psychological $50,000 mark. Pointing to historical price action, the analyst believes that Bitcoin could plummet to as low as $48,000 in the coming days, representing a 40% drop from its peak.
However, another analyst remains optimistic about Bitcoin’s future, predicting a strong bounce back after the current sell-off. If BTC finds support around the $47,000 to $50,000 level, the analyst believes that the coin could potentially reach as high as $242,000 in the near future.
Despite the recent market turbulence, many experts are confident in Bitcoin’s ability to recover, citing historical trends post-Halving events. With the network reducing miner rewards in April, some analysts believe that holders should not panic sell within the first 79 days after the event.
As Bitcoin continues to navigate through volatile market conditions, investors and traders are closely monitoring the cryptocurrency’s price movements to see how high it will jump after the current correction.
