Bloodbath flows in the crypto market with the majority of the crypto assets plunging with a considerable margin
Bitcoin price underwent nearly 12.8% correction, dragging the price below $50000 yet retained the levels
The price movement is expected to slide more to the lower levels below $45,000 and bounce back above $50K soon
Bitcoin’s Largest Price Correction in History
The bitcoin price which initiated a bearish divergence since the previous working day continued the steek in the early trading hours. The plunge was so massive that the BTC price was dragged below $50K for some moments.
The hourly chart manifests a similar pattern where-in the price had slashed nearly 27% draining out nearly $10K from the BTC price. Hence, if the price plays out well currently, then, the price may hit the previous levels at $55K to $58K in the coming few days.
However, a short yet fast correction phase appears to have flipped and the price smashed above $51K at the press time. However, the current dip is looked like a ‘morning gift’ as the price is expected to rebound shortly. Moreover, the bitcoin price rally is expected to hit $100K by following a similar pattern according to an analyst KALEO.
Bitcoin Price May Continue to Plunge!
The BTC price just broke out the strong support levels around $51,000 and plunged below $50,000 levels. According to a popular analyst, imsohaibofficial, Bitcoin is looking for a great short opportunity.
As per the chart put up by the analyst, BTC price is trending within a channel which is followed since the start of February 2021. The current dip broke the channel and hence provided with a good short opportunity, And hence intensifying the probability of a price drop close to the levels around $32,000.
Collectively, the Bitcoin price rally might have appeared to have halted, yet provides an opportunity for ‘buy at the dip’. However, the bitcoin bull run which follows the current bearish trend would be enormous.