Is Bitcoin Correction Over? Analysts Describe Potential Scenarios

More analysts have already said that Bitcoin has already seen its bottom.

As you probably know by now, the king coin managed to break $19k more than once, and the most relevant selloff was the one that took the coin’s price below $17k.

At the moment of writing this article, BTC is trading in the red, and the coin is priced at $19,209.96.

Two analysts addressed Bitcoin’s trajectory after BTC bounced back from $16,351.

Potential scenarios about Bitcoin’s correction

In a new video, he was saying that he was waiting for a clear signal to get back into the market.

“We’re going to wait and see… The daily chart at the moment is also in an absolute no-trade zone. I was looking for a slightly deeper correction into the $14,000 range, which means lower than $15,000. We did not get there,” Vays said as cited by the Daily Hodl.

He continued and wrote: “It appears that so far, we bottomed at just above $16,000. Now because we bottomed at just above $16,000, creating a point in the middle of nowhere to reverse the price, I will wait until we break this pink line ($19,000) to be bullish in the current rally… At the moment, I am not yet buying this dip. I would rather buy the breakout than buy the dip.”

The online publication the Daily Hodl notes that crypto analyst Michaël van de Poppe addresses 2 possible scenarios.

“As long as $16,000 holds, we don’t get another drop, but if we drop south, $14,000 around this previous high is the area to watch. I think that once we get to $14,000, the majority will be eyeing $12,000 and I do not believe we will be hitting $12,000. That would be a very harsh correction. I think $14,000 is also the 0.382 Fibonacci level and the previous high which formerly gives the support resistance flip,” he said.

He continued and said: “The second scenario is that we get the chopperino like we had after the halving.”

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I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.

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