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 belongings maintain dumping.

On April 16, outstanding 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 a fair deeper freefall.

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

1. There’s much more energy current at present. 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 yr 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 degree, 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.” Nonetheless, he remained slightly extra optimistic, stating that the market doesn’t seem “prime heavy.”

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

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

Altcoins Bleeding

Analyst Luke Martin noticed that most of the altcoins have practically erased six months of good points 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 all the time been a pre-halving retrace, and this cycle is not any totally different.

#BTC

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

This time is not any totally 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 broader market had dropped 3% with complete capitalization all the way down to $2.41 trillion as altcoins bought hit tougher.