Highlights
Bitcoin has crashed 10% in the past four days, dropping from $66.8K to $61K. This sudden drop has left investors wondering if the Bitcoin price correction is done. In this article, let’s explore what BTC technicals and on-chain metrics suggest and what popular crypto analysts expect Bitcoin to do in the next few days.
Since the September 27 swing high of $66,498, Bitcoin price has shed 9.50% and trades today at $60.3K. Thursday’s Asian trading session saw an uptick, but in the London session, BTC is down 2.05%,
Popular crypto analyst Crypto Capo noted that the crypto market was “looking heavy” and he “wouldn’t rule out a final shakeout.” Capo expects another 10% to 20% correction for Bitcoin. Considering the current level of $60.2K, this drop would push BTC down to the $48K to $54K range. The analyst ended his analysis by saying that he was “not selling my positions, but hedging. Just in case.”
Unlike Capo, Trader Mayne, co-founder of Breakout prop trading firm, believes that there could be a bounce. Mayne adds that he wouldn’t mind “bidding” BTC between $60.2K and $58K and expect a run up to $61K to $63K. However, he did warn that a new high time frame low could be on the way unless Bitcoin reclaims the $65K level decisively.
RektProof posted his Bitcoin game plan to X and expects a bounce between the $59.2K to $57.2K region. The resulting rally, according to RektProof, should propel BTC price to $70,000 or higher.
If the crypto market outlook has changed and the historical Q4 performance has kicked in, then a Bitcoin price bounce should happen around $59.4K, which is the yearly VWAP and also critical support. This move would keep the uptrend intact and provide BTC bulls with a foothold to decisively overcome the $64K to $65K hurdle. However, a failure from bulls here could send BTC down the $57.2K to $57.9K support levels, which is the last chance to keep the bull trend dream alive.
Regardless, investors must expect one or two scenarios to play out:
The 30-day MVRV indicator hovers around 0 after dropping from nearly 8% a week ago. This suggests that investors have realized profits. However, it is unlikely that Bitcoin price correction will stop here, considering that the MVRV buy zone is between -8% to -10%.
All in all, Bitcoin price prediction is that the correction is done for now and investors should watch for the aforementioned scenarios to play out.
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