Crypto analyst says Bitcoin bottom is very close, another correction in BTC likely
- Bitcoin is trading above key support at $65,000, at $67,090 on Sunday.
- Crypto analyst Rekt Capital says that a Bitcoin bottom is very close, based on his analysis.
- Crypto trader Yoddha takes an opposing stance, says there may be no deep correction in Bitcoin price.
Bitcoin is trading above $67,000 on Sunday after securing support at $65,000. While BTC holds its gains steady, analysts evaluate the price trend of the largest asset by market capitalization and predict a deeper correction in Bitcoin.
Bitcoin price faces correction threat?
Bitcoin has secured support at $65,000 and as the asset marches ahead, analysts evaluate the likelihood of a deeper correction in Bitcoin. Crypto trader and analyst Yoddha told his 49,000 followers on X that Bitcoin is holding up strongly and said, “I don’t think there will be a deep correction.”
#Bitcoin is holding up the price so strongly that I don't think there will be a deep correction pic.twitter.com/e85QrDRQwm
— Yoddha (@CryptoYoddha) May 18, 2024
While traders remain bullish on Bitcoin in the long term, a short term correction or bottom in BTC is likely.
Dr Martin Hiesboeck, Head of Research at Uphold shared his long term bullish take on Bitcoin in a recent tweet on X.
The long-term chart for #bitcoin looks fantastic. HODL away. pic.twitter.com/16GRRg54xa
— Dr Martin Hiesboeck (@MHiesboeck) May 19, 2024
Crypto analyst Rekt Capital tweeted earlier on Sunday that “we would be very lucky” if BTC retraces after reaching $72,000.
The reality is that when #BTC finally revisits ~$72000, we'd be very lucky if Bitcoin rejects into a small retrace from there$BTC #Crypto #Bitcoin
— Rekt Capital (@rektcapital) May 18, 2024
The analyst acknowledged in a series of tweets that Bitcoin’s downtrend is likely over and the Bitcoin bottom is close. There could be a correction in BTC as it rallies towards $70,000.
#BTC
— Rekt Capital (@rektcapital) May 5, 2024
We've had a deep correction
We've had a long correction
And when you have a mix of both, the bottom is always very close$BTC #Crypto #Bitcoin https://t.co/EYxxmhXDgi pic.twitter.com/7gpg93kFXF
Rekt Capital says that Bitcoin is past the “danger zone” and BTC could extend its gains above $67,000.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
