Is Bitcoin Price Correction Over?

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As a seasoned researcher with over a decade of experience in the volatile and ever-evolving world of cryptocurrencies, I have learned to always keep a level head and a keen eye when it comes to Bitcoin predictions. The recent 10% drop in BTC is not uncommon in this space, and while it may leave some investors questioning if we’ve seen the worst, my personal analysis suggests otherwise.

Over the last four days, I’ve observed a near 10% decline in Bitcoin‘s value, leaving me, as an investor, questioning if we’ve reached the end of this correction. However, based on technical and on-chain analysis, it appears that Bitcoin might not be done sliding just yet. Forecasters are predicting a potential further drop for the world’s largest cryptocurrency by market capitalization.

Is Bitcoin Correction over?

After reaching a high of $66,498 on September 27, the price of Bitcoin has dropped by approximately 9.50% and currently stands at around $60,300. Although there was an uptick during Thursday’s Asian trading hours, the London session saw a decrease of about 2.05%.

Is Bitcoin Price Correction Over?

Crypto expert Crypto Capo observed that the cryptocurrency market appears to be quite weighty, and he isn’t dismissing the possibility of a further price adjustment before stabilizing. According to his predictions, Bitcoin could see another 10% to 20% decrease from its current value of $60.2K, potentially causing it to fall within the range of $48K to $54K. To protect against potential losses, Capo stated he isn’t selling his investments but rather taking precautions through hedging.

In contrast to Capo, Trader Mayne, co-founder of Breakout prop trading firm, is optimistic about a potential rebound. Mayne also mentioned he’d be comfortable buying Bitcoin at prices ranging from $60,200 to $58,000 and forecasts it could surge to $61,000 to $63,000. However, he cautioned that another possible low on higher timeframes might occur unless Bitcoin regains the $65,000 mark strongly.

Is Bitcoin Price Correction Over?

RektProof posted his Bitcoin game plan to X and expects a bounce between the $59.2K to $57.2K region. The resulting rally, according to RektProof, should propel BTC price to $70,000 or higher. 

Current gameplans

Seeking the current price level to establish a temporary trading range, then considering short-term trades that go down towards demand levels, while keeping an eye on longer-term swing trades aiming for new highs.

Patient for now#Bitcoin

— RektProof. (@RektProof) October 2, 2024

BTC Price Forecast: Now or Never

If the direction of the cryptocurrency market shifts and the traditional Q4 surge takes effect, we might expect Bitcoin to rebound near the annual Value Weighted Average Price (VWAP) of approximately $59,400. This level also serves as a crucial support point. This recovery would maintain the upward trend and offer BTC supporters a strategic position to forcefully surpass the resistance between $64,000 and $65,000. However, if bulls are unable to push through here, Bitcoin could slide towards the support ranges of around $57,200 to $57,900, which represent the last line of defense for maintaining the bullish trend’s potential continuation.

Regardless, investors must expect one or two scenarios to play out:

    BTC bounces from $59.4K but fails to overcome the $63K hurdle, leading to a correction to the 50-week Exponential Moving Average (EMA) at $55K or lower.
    BTC bounces from $59.4K and overcomes the $65k resistance level, restarting the bull run. Such a development could even see the pioneer crypto revisit the all-time high (ATH) at $73,777.

Is Bitcoin Price Correction Over?

Over the past week, the 30-day MVRM indicator has moved closer to zero from almost 8%, indicating that investors may have taken their profits. Yet, it’s possible that this decline won’t halt at this point, given that the optimal buying range for this metric is between -8% and -10%.

Is Bitcoin Price Correction Over?

In summary, it’s predicted that the recent correction in Bitcoin prices has concluded, so investors should keep an eye on the mentioned situations as they unfold.

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2024-10-03 14:06