Analysts Are Still Bullish On Bitcoin Despite 33% Price Correction

Bitcoin dropped an additional 8% over the weekend which triggered a lot of skeptics who said that the most dominant cryptocurrency is in a vulnerable spot. As the latest cryptocurrency news show, a new all-time high is over which means that market analysts are still bullish in the face of a 33% correction.

The most recent price action for Bitcoin has been less than satisfactory. To date, the most dominant asset is down by 32% from its 2019 high of $13,739 and the short term price action remains overwhelmingly bearish.

The past two weeks showed that BTC has been bearish despite the small increases. The dominant cryptocurrency formed an M-top at $13,739 and $13,177 before dropping to the neckline and going around $9,600. Most of the traders expect that Bitcoin will retrace to the 61.8% and 50% Fibonacci Retracement level which is near the CME futures gap. Analysts are still bullish about the BTC price and think that it may move closer to the $8,500 to $7,500 range as the best cryptocurrency news sites show.

Traders also noted that Bitcoin has dropped out of the broadening wedge which carried it from $4,000 to the 2019 high and that the parabolic trend has long been negated – which is why and how it revisited a lot of retracement levels.

The short-term outlook is bearish and analysts are still bullish on BTC. Several ones remain extremely bullish on the long-term price action. The key factors, as they stated, include the following:

• The dormant Bitcoin wallet address hitting a new all-time high: A new report showed that Bitcoin’s untouched supply is reaching a new all time high of 21%.
• Start of new bull markets which coincides with miner capitulation: Data showed that a massive amount of Bitcoin is available at lower prices and the start of new BTC bull markets coincided with miner capitulation, which may trigger Bitcoin to rise from the bottoms.
• Pre-halving hype to push BTC towards $20,000: Last but not the least is the trend that shows that analysts are still bullish on BTC because of the hype around the pre-halving.

Of course, everything is possible right now and all of this is dependent on the digital asset and its technical setup as it approaches new highs. The altcoin news show no extraordinary movements and the alts pretty much go in line with BTC’s performance.