Bear Market Blues Return as Analyst Predicts 30% Bitcoin Correction to $51K

The bull market euphoria seems to have come to a screeching halt because the crypto market correction continues and digital property hold dumping.

On April 16, distinguished market analyst “Chilly Blooded Shiller” instructed his 269,000 followers on X that Bitcoin is “nonetheless the cloud that hangs over crypto.”

BTC has retreated 15% from its March 14 all-time excessive, however historic market cycles have seen corrections of greater than 30%.

This might probably ship BTC costs again to round $51,000, which might ship the remainder of the altcoins into an excellent deeper freefall.

That is nonetheless the cloud that hangs over crypto imo, and it’s $BTC.

1. There may be much more energy current presently. No matter components you align this to, ETF, fundamentals, halving, it’s notable that BTC is holding up.

2. There’s an acknowledgement that that is occurring, and… https://t.co/kA1vT43ZYv pic.twitter.com/HBcY7D6Etg

— Chilly Blooded Shiller (@ColdBloodShill) April 15, 2024

Correction May Deepen

There was a 25% correction early within the 2021 cycle, which despatched BTC costs tumbling from greater than $40,000 to $30,000 inside a month. It additionally dumped 53% later that 12 months in a pullback from $63,000 in April to $30,000 in July.

So, a 30% retracement from $73,000 would take costs again to the $50,000 stage, which wouldn’t appear misplaced contemplating earlier market actions.

On April 15, market analyst Willy Woo stated that if help at $58,900 breaks, “we transfer to a bear market.”

Markets are “nonetheless weeks away from a correct bullish setting,” in the long run, he added.

Glassnode analyst “Checkmatey” additionally talked about bear markets, stating that they begin “when too many individuals purchase an excessive amount of coin, too excessive.” Nevertheless, he remained somewhat extra optimistic, stating that the market doesn’t seem “prime heavy.”

Furthermore, the Bitcoin Concern and Greed Index stays within the inexperienced zone, which suggests it’s far too early to name a bear market, given the general sentiment.

Bitcoin Concern and Greed Index is 65 ~ Greed
Present value: $63,419 pic.twitter.com/hpqHnh89Op

— Bitcoin Concern and Greed Index (@BitcoinFear) April 16, 2024

Altcoins Bleeding

Analyst Luke Martin noticed that lots of the altcoins have practically erased six months of positive factors in simply a few weeks. “Some are solely 15-20% away from bear market cycle lows,” he added.

In the meantime, ‘Rekt Capital’ identified that there has at all times been a pre-halving retrace, and this cycle is not any completely different.

#BTC

There at all times is a Pre-Halving Retrace and this has been the case throughout all Bitcoin cycles

This time is not any completely different$BTC #Crypto #Bitcoin https://t.co/rz9TTq6li7 pic.twitter.com/FIJ6CJA3Jo

— Rekt Capital (@rektcapital) April 15, 2024

BTC costs have been buying and selling down 2.8% on the day at $63,354 on the time of writing. The wider market had dropped 3% with whole capitalization all the way down to $2.41 trillion as altcoins received hit tougher.