Bitcoin’s $66.9K price raises strong doubts about a ‘serious correction’.
Bitcoin (BTC) price has solidified slightly above the key support level of $65,000, and cryptocurrency analysts believe that Bitcoin’s price formation remains bullish. Some even doubt speculation that there will be a major adjustment in the near future.
“Bitcoin is holding the price so strongly that I don’t think there will be a major correction,” anonymous cryptocurrency trader Yoddha told his 49,000 X followers on May 18.
Meanwhile, Rekt Capital noted that significant correction events have already occurred, with the price of Bitcoin falling 15% from $66,421 on April 24 to $56,792 on May 2, according to CoinMarketCap data.
“We’ve had deep corrections, we’ve had long corrections, and when you mix the two, the bottom is always very close,” Rekt declared in a recent X post.
Just four days later, on May 6, the price of Bitcoin rebounded above the critical support level of $65,146, a trend some traders say is common during bull markets.
Cryptocurrency critic Starbust explained in a post on May 18, “A typical correction during a Bitcoin bull market is usually a nuclear bomb that rallies sharply and quickly.”
Crypto trader Mags pointed to the “psychology of market cycles” in his classic market graphic sheet, the Wall Street Cheat Sheet, noting that Bitcoin is in the “conviction entry” stage of the cycle. This is where investors start to feel more confident about market gains. .
Analysts and observers are closely watching the price of Bitcoin for signs of further correction, especially after the Bitcoin halving event on April 20, and have looked to past halving events as precedents.
After the Bitcoin halving in May 2020, the price surged from $9,383 to $58,958 in May 2021. However, just one month later in June, it experienced a 40% correction, falling to $35,484 in June.
Related: Bitcoin analysis predicts $74,000 next as BTC price attempts to maintain its 7.5% rise.
Some analysts believe there is no need to scrutinize the Bitcoin price chart until Bitcoin again breaks $70,000, close to its all-time high.
On May 17, Quantum Economics founder Mati Greenspan explained to Cointelegraph, “What’s interesting is the breakout, so analyzing the charts until there is a breakout is pretty useless.”
“Forget all the short-term price action,” added anonymous cryptocurrency trader PlanC.
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