Crypto analyst says Bitcoin bottom is very close, another correction in BTC likely

FXStreet
Updated May 20, 2024 06:08
Mitrade

■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.” 


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. 


Crypto analyst Rekt Capital tweeted earlier on Sunday that “we would be very lucky” if BTC retraces after reaching $72,000. 


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. 


Rekt Capital says that Bitcoin is past the “danger zone” and BTC could extend its gains above $67,000. 

* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

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