{"id":637,"date":"2024-04-29T10:26:44","date_gmt":"2024-04-29T10:26:44","guid":{"rendered":"https:\/\/cryptd.in\/bitcoin-could-fall-to-50k-in-correction-mode-says-analyst\/"},"modified":"2024-04-29T10:26:44","modified_gmt":"2024-04-29T10:26:44","slug":"bitcoin-could-fall-to-50k-in-correction-mode-says-analyst","status":"publish","type":"post","link":"https:\/\/cryptd.in\/de\/bitcoin-could-fall-to-50k-in-correction-mode-says-analyst\/","title":{"rendered":"Bitcoin Could Fall to $50K in \u2018Correction Mode,\u2019 Says Analyst"},"content":{"rendered":"

Bitcoin has fallen back to more than 15% down from its mid-March peak, dropping to a ten-day low of under $62,000 on Monday morning.<\/p>\n

On April 28, an analyst feed \u2018Stockmoney Lizards\u2019 noted that the halving was over, but bitcoin continues to print red candles.<\/p>\n

They said that we are not at the end of the bull market but added a gloomy prediction that what we see is a correction<\/a> that could send prices back to the $50Ks before continuing:<\/p>\n

\u201cCall it triple top, call it Wyckoff distribution. Bitcoin is in correction mode,\u201d<\/p>\n

#Bitcoin<\/a><\/p>\n

Halving is done and yet, Bitcoin continues printing red candles. Is this it for this cycle?<\/p>\n

A lot of folks are insecure, especially in light of the geopolitical and macroeconomic situation<\/p>\n

Let\u2019s take a look at some charts and indicators.<\/p>\n

A pic.twitter.com\/bQ2nDITrAq<\/a><\/p>\n

\u2014 Stockmoney Lizards (@StockmoneyL) 27. April 2024<\/a><\/p>\n\n

More Pain Before Gain<\/h2>\n

In essence, a correction is necessary after half a year of solid gains. War, recession fears, inflation, and reduced ETF buying<\/a>\u00a0are all adding to market sentiment.<\/p>\n

The analysts noted several layers of support at $60K, $56K, and $52K, each one becoming more likely if the one above it is broken.<\/p>\n

The short-term outlook for May, which is historically a neutral month, is a potential uptrend within the correction range. \u201cEven a breakout seems possible if market conditions remain stable,\u201d they said before adding that \u201c\u2018Bad news, of course, would push us towards the $50Ks.\u201d<\/p>\n

This week the Federal Reserve will make its interest rate decision<\/a> and rates are likely to remain where they are given the higher than expected inflation outlook. This could accelerate the market correction and drop BTC below its immediate support level of $60K.<\/p>\n

Trader \u2018CrypNuevo\u2019 beraten<\/a> caution for the coming week, saying that they\u2019re not going into it with any open positions. \u201cWeakening economy with rising inflation? The worst outcome for the FED,\u201d they added.<\/p>\n

On The Positive Side<\/h2>\n

While the overall short-term sentiment is gloomy, things are not all that bad according to Glassnode analyst \u201cCheckmatey.\u201d<\/p>\n

He observed that bitcoin retail holders, \u201cwho are apparently degenerates who will sell on the first sign of a correction,\u201d appear to be stacking sats once again.<\/p>\n

\u201cShrimp\u201d accounts with less than 1 BTC are accumulating 12,200 coins per month, according to Glassnode data.<\/p>\n

Die #Bitcoin<\/a> retail holders, who are apparently degenerates who will sell on the first sign of a correction\u2026<\/p>\n

\u2026appear to be stacking sats once again.<\/p>\n

Shrimp (<1 $BTC<\/a>) are accumulating 12.2k $BTC<\/a> per month as it stands. https:\/\/t.co\/kOzSPu5Yx1<\/a> pic.twitter.com\/j4OU6iMiKD<\/a><\/p>\n

\u2014 _Checkmate (@_Checkmatey_) 28. April 2024<\/a><\/p>\n\n

Corrections are healthy parts of market cycles and will always produce opportunities to buy the dip. How deep and how long<\/a> this current correction will last remains to be seen, however.<\/p>\n

Der Posten Bitcoin Could Fall to $50K in \u2018Correction Mode,\u2019 Says Analyst<\/a> erschien zuerst auf KryptoKartoffel<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin has fallen back to more than 15% down from its mid-March peak, dropping to a ten-day low of under $62,000 on Monday morning. On April 28, an analyst feed \u2018Stockmoney Lizards\u2019 noted that the halving was over, but bitcoin continues to print red candles. They said that we are not at the end of […]<\/p>\n","protected":false},"author":0,"featured_media":638,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[25],"class_list":["post-637","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-feeds","tag-bitcoin"],"yoast_head":"\nBitcoin Could Fall to $50K in \u2018Correction Mode,\u2019 Says Analyst - cryptd.in<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptd.in\/de\/bitcoin-could-fall-to-50k-in-correction-mode-says-analyst\/\" \/>\n<meta property=\"og:locale\" content=\"de_DE\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Could Fall to $50K in \u2018Correction Mode,\u2019 Says Analyst - cryptd.in\" \/>\n<meta property=\"og:description\" content=\"Bitcoin has fallen back to more than 15% down from its mid-March peak, dropping to a ten-day low of under $62,000 on Monday morning. 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