{"id":626329,"date":"2024-06-25T19:00:27","date_gmt":"2024-06-25T19:00:27","guid":{"rendered":"https:\/\/wncen.com\/?p=626329"},"modified":"2024-06-25T15:21:32","modified_gmt":"2024-06-25T15:21:32","slug":"bitcoins-correction-is-not-done-54k-could-be-on-the-horizon-says-top-analyst","status":"publish","type":"post","link":"https:\/\/wncen.com\/bitcoin-news\/bitcoins-correction-is-not-done-54k-could-be-on-the-horizon-says-top-analyst\/","title":{"rendered":"Bitcoin’s Correction Is Not Done: $54K Could Be On The Horizon, Says Top Analyst"},"content":{"rendered":"
Recent trends in the Bitcoin market have shown a significant flushing out of leverage, a process commented<\/a> on by prominent crypto analyst Willy Woo.<\/p>\n While this corrective phase has seen Bitcoin’s price fall to as low as $58,000 yesterday<\/a>, it has partially rebounded, currently trading around the $61,500 mark. However, the journey could be smoother, as ongoing liquidations and market adjustments<\/a> pose challenges.<\/p>\n Woo’s insights highlight that Bitcoin’s market correction hasn’t been done despite the recent recovery. Particularly, the market continues to grapple with the impact of post-halving miner capitulations and the high costs associated with mining hardware upgrades.<\/p>\n These factors contribute to the ongoing pressure on weaker miners, forcing them out of the market and potentially leading to further price drops.<\/p>\n According to Woo, while Bitcoin has slightly recovered, the overall market sentiment remains cautious. Technical indicators suggest that although Bitcoin could rebound from recent lows, there is still potential for a further drop.<\/p>\n Short term technicals point to a reversal playing out here.<\/p>\n 2 hours away from a TD9 reversal on daily candles.<\/p>\n If this plays out, then we go into a hidden bullish divergence to correct for the overselling of the market. pic.twitter.com\/TPWRhmeGYn<\/a><\/p>\n \u2014 Willy Woo (@woonomic) June 24, 2024<\/a><\/p><\/blockquote>\n Woo predicts that Bitcoin could see a descent to $54,000<\/a> if current support levels fail. This key threshold\u00a0may trigger another round of liquidations and potentially usher in a bearish phase for short-term holders.<\/p>\n The importance of this price level lies in its role as a demarcation line between bearish and bullish market regimes. Falling below it, especially given the current macroeconomic setup, could significantly affect Bitcoin’s price trajectory<\/a>.<\/p>\n Adding to the conversation, Billy Markus, co-creator of Dogecoin, shares a somewhat philosophical take on handling the current crypto market’s bearish phase.<\/p>\n He advises<\/a> investors to view their crypto investments with detachment, likening it to “throwing money into a fire.” Such a mindset, he argues, could help weather the emotional rollercoaster<\/a> of market ups and downs.<\/p>\n Meanwhile, renowned investor Robert Kiyosaki, author of “Rich Dad Poor Dad,” expressed<\/a> his strategy in light of the recent downturn. Kiyosaki, a vocal supporter of Bitcoin, views the current price dip as a buying opportunity, advocating a long-term investment approach akin to Warren Buffett’s philosophy of “buy and hold on forever.”<\/p>\n Bitcoin is crashing. Most people should sell. I am waiting to buy more.Analyzing The Depth Of Current Market Correction<\/h2>\n
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Bitcoin Bearish Market Ongoing, But Don’t Despair<\/h2>\n
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\nAll markets go up and down. Many people make a lot of money \u201ctrading\u201d
\nmarkets which means buying low and hopefully selling low. The problem with \u201ctrading\u201d any asset is taxes, specifically \u201cshort term\u201d\u2026<\/p>\n