Bitcoin could correct to $52,000 or surge above $250,000 at the peak of the cycle.
The current state of the Bitcoin market, especially the expected price outcome, has been a major topic of conversation among community members.
While sentiments are mixed, with most trending to the downside, one prominent analyst said that despite Bitcoin printing red candles, the bull run has not yet peaked. The anonymous analyst told his 126,900 followers that Bitcoin is currently in correction mode, regardless of the indicators flashing on technical charts.
However, the asset may continue its downward correction, causing Bitcoin to reach lower levels. Bitcoin plummeted to the $63,000 price range, especially as selling pressure increased over the weekend. If the bearish trend continues, Bitcoin could fall to $50,000.
The short answer at the beginning of 1/x: No, we are not at the end of a bull market. We believe what we see are adjustments that can get us back to 50K. It’s called the triple ceiling, and it’s called the wyckoff distribution. Bitcoin is in correction mode… pic.twitter.com/upTo2O0lXw — Stockmoney Lizards (@StockmoneyL) April 27, 2024
Nonetheless, the analyst added that the downward revision is expected to be temporary. In the previous analysis, the forecast for April 2 was summarized as “double ceiling, declining RSI, no bullish divergence in sight.” More downsides: ” The predictions have been accurate so far as BTC has stayed in the correction channel.
Mass Adoption and Inflation Affecting Bitcoin Price
The analysis puts a historical perspective on Bitcoin’s gains, noting that slowing down is common, while addressing concerns raised about disappointing performance following Bitcoin’s halving. Analysts say a bull market could begin within months or weeks.
The analyst pointed to the one-year SMA, describing it as an indicator that the market remains bullish. This “shows that we are still in a very green zone.”
Analyzing how deep the market could go, the analyst said:
“How deep can you go? As mentioned in the latest thread, it supports multiple tiers: A) 60k, B) 56k, C) 52K. If the first two breakouts occur, there are strong signs that 52,000 will be reached before finally moving higher, as will the amount of liquidity in this area. Additionally, as you can see in the top image, this area coincides with the 61.8 Fib Retracement (golden pocket) and should act as resistance.”
On the other hand, analysts have sounded more optimistic, arguing that Bitcoin will surge past $200,000 at the peak of the cycle due to increased institutional adoption and continued rise in inflation. The near-term target is more than $100,000, but the cycle is expected to peak in the third quarter of 2025.
