Bitcoin Correction Coming According to Experts, BTC Price Could Plunge +30% to Key Support Levels
Multiple prominent crypto analysts have come out with forecasts expecting the Bitcoin price is due for a notable pullback in the coming weeks and months. After the recent powerful BTC bull run that saw prices appreciate nearly 3x from summer lows, various experts believe a correction is standard and healthy at this point.
In a recent tweet, analyst CryptoCon_ speculates Bitcoin has likely finished the fifth price growth phase per the Fibonacci sequence that has loosely guided previous market cycles. With the speculative top potentially in place around $45,000, CryptoCon sees a retracement down to the $28,000 to $32,000 area as probable over the next 1-2 months. They cite diminishing risk/reward at current prices as their primary factor for shifting cautious now.
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Show more +Similarly, analyst Michaël van de Poppe posted that Bitcoin is nearing the likely end of the current upside run. Trading around $47,000 at the time of the post, they envision final stretch targets reaching $48,000 to $51,000 – followed swiftly by a rotation of capital back into Ethereum and other alternative cryptocurrencies. The ensuing altcoin gains could then power Ethereum upwards to $3,000 or more, in their analysis.
While no analysts can predict exact tops and bottoms for Bitcoin, the confluence of several respected opinions expecting and embracing lower prices in the near-term is telling. The market has seen extraordinary gains in only a few short months – some amount of profit-taking and gravity is standard. With so many calling for reasonable pullbacks before continued higher highs, traders should ready themselves both psychologically and in portfolio positioning. As CryptoCon_ summarized, risks currently appear to outweigh upside potential for Bitcoin – but brighter days likely lie ahead after a healthy reset.
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