Bitcoin price above $65,000: Correction or bull run?

Analysts predict a major price drop in Bitcoin
An undated image of Bitcoin. — Pexels
An undated image of Bitcoin. — Pexels

Bitcoin has found support for more than $65,000, leading some crypto traders to question predictions of a major price drop.

The price of Bitcoin has been hovering just above $65,000 for the past few days. This is a key level for the cryptocurrency, as a drop below it could signal a larger correction. However, many traders are now saying a big price slump is unlikely.

Yoddha, a trader with 49,000 followers of X (formerly Twitter), said on May 18 that, “Bitcoin is holding up the price so strongly that I don’t think there will be a deep correction”. Others argue a correction has already happened, pointing to a 15% price drop in April, i.e., from $66,421 as of April 24 to $56,792 on May 2, according to CoinMarketCap data.

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Rekt declared in a recent X post: “We’ve had a deep correction, we’ve had a long correction, and when you have a mix of both, the bottom is always very close”. In another post by crypto commentator Starbust, he said: “Normal corrections in Bitcoin bull runs are usually nukes that are sharp and quick with a quick bounce back”.

Experts are watching Bitcoin closely, especially after the recent halving event. In the past, halvings have been followed by periods of strong price growth, but also corrections.

While some analysts are looking for signs of a correction, others say it's pointless to analyse the price chart until Bitcoin breaks above $70,000. They believe that's the key level to watch for future price movements.