Bitcoin price correction extends further dropping another 3.10% and slipping all the way under $80,000 levels today. Market analysts believe that the correction is not over yet and BTC could crash further all the way under $70,000 before resuming the uptrend. Amid heavy selloff on Wall street, crypto market has extended losses this week, with altcoins facing an even greater crash during this period.
Bitcoin Price Can Correct All The Way to $69,000
Renowned crypto analyst Ali Martinez has outlined critical price levels for Bitcoin, suggesting the importance of maintaining current support of $80,000. He said that as long BTC holds this support levels, the bullish momentum will remain intact.
However, he warned that a dip below this level could open the door to a further Bitcoin price decline, with $69,000 emerging as the next significant support level.
BTC Recovery Depends on Macro Factors
Former BitMEX CEO Arthur Hayes has also shared a similar outlook on the Bitcoin price trajectory, while urging investors to maintain patience amid the current volatility. Hayes projects Bitcoin’s bottom around $70,000, a 36% correction from its all-time high of $110,000—“very normal for a bull market,” he stated. He emphasized that the recovery depends on several macroeconomic factors. Arthur Hayes wrote:
“We need stock indices like $SPX and $NDX to free fall, a TradFi player to collapse, and central banks like the Fed, PBOC, ECB, and BOJ to ease monetary policies to ‘make their country great again’”.
Additionally, Hayes also advised investors to undertake a cautious approach and not fall for “buy the dip” narrative. “Wait for central banks to ease before deploying more capital. You might not catch the bottom, but you’ll avoid prolonged sideways movement and unrealized losses,” he added.
Considering the historical trends of the previous bull runs of 2017 and 2021, the average Bitcoin price correction was between 35-37%. So far in this cycle, BTC has corrected 25%, which shows further room on the downside if the trend repeats.
BTC Panic Selling to Continue?
Blockchain analytics platform Santiment reported that there’s a massive level of fear at the moment with investors expecting the Bitcoin price to sink under $70,000. Commeting on Bitcoin’s capitulation phase, Santiment noted that the optimal buying opportunity will arise when social media sentiment shifts predominantly bearish.
On the other hand, the outflows from spot Bitcoin ETFs have remained consistent averging around $300 million daily, for the last three days. This shows that BTC institutional interest has been waning severely. On the other hand, XRP has outpaced BTC in weekly inflows over the past few weeks.
Despite this, Ark Invest CEO Cathie Wood remains confident that current economic trends could lead to a deflationary boom. Known for her commitment to a long-term, innovation-focused investment approach, Wood continues to advocate for transformative growth opportunities despite market uncertainties.
The post Bitcoin Price Correction Is Not Over Yet, Next Crucial Support Under $70,000 appeared first on CoinGape.
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