Bully Rally Stumbles! Bitcoin Price Could Drop to $60K as Market Corrects

Is the Bitcoin bull run finally over? After a scorching climb, Bitcoin (BTC) just took a nasty tumble, dropping a staggering 8.2% in just 24 hours to hit $66,699. But wait, there’s more to the story! In a dramatic turn of events, Bitcoin bounced back just as quickly, clawing its way back above $67,730.

So, was this a temporary blip or a sign of a deeper correction? Read on to find out what analysts are saying.

Liquidation Frenzy: Over $680 Million Wiped Out

Amidst this rollercoaster ride, a whopping $680 million in assets have been liquidated, stirring the crypto world. Coinglass reports a staggering figure, with $545 million stemming from long orders and $134.6 million from shorts, casting shadows of uncertainty across the market.

This sudden upheaval has shaken 193,270 individuals within the cryptocurrency community. Notably, the OKX – BTC -USDT-SWAP platform witnessed a hefty $13.3 million liquidation, adding fuel to the fire.

Also Read: Why Bitcoin Price Crashed Today? Here Are The Top Reasons

Expert Warnings: Brace for Impact

Renowned crypto analyst Captain Faibik’s recent cautionary words echo in the market’s ears. Pointing to a confirmed Rising Wedge Downside Breakout, he suggests a potential drop in Bitcoin’s value, possibly testing the $60k threshold before the Halving Rally.

Supporting Faibik’s analysis, the MVRV (Market Value to Realized Value) indicator serves as an ominous signal. Currently hinting at a potential dip to the 2.4 MVRV level, around $60k, it reinforces expectations of an impending correction in Bitcoin’s trajectory.

CrediBULL Crypto, another analyst, shares a bearish perspective, citing the market’s failure to meet anticipated price surges. Despite drops in Open Interest (OI), CrediBULL Crypto anticipates further downward movement before a stabilizing “baseline” emerges.

The “Green Zone”

Even amidst uncertainty, analysts identify a support zone ranging from $63,000 to $64,000, aptly named the “green zone.” Here, hopes flicker for a potential rebound alongside reductions in Open Interest, offering a glimmer of stability in tumultuous times.

As Bitcoin’s journey through volatility continues, investors brace themselves for the unknown, clinging to expert insights while navigating the unpredictable currents of the crypto market.