A widely followed crypto market analyst is citing potential scenarios for a Bitcoin price correction before it hits all-time highs. cryptocoin.com We share the analyst’s predictions for the BTC correction…
Analyst: Bitcoin price could drop below $52,000
The analyst known as Cred says that if the market is overly leveraged, Bitcoin could potentially drop below $52,000. “If we’re going to dig deeper and the weekly market structure is constructive, at what levels can we reasonably expect a higher drop? I don’t know the answer to that, I think it’s somewhere between $44,000 and $52,000.”
“The drop, he says, also depends on how the leverage market looks at that point. “If funding continues to be positive and leveraged positions continue to buy the dip as the market falls, you can expect a deeper wick to come.” He thinks support near the previous week’s lows of $56,000 and $58,000 will provide a strong foundation for continued BTC bullishness.
Crypto Quant CEO: We will see volatility
Like Cred, Crypto Quant CEO Ki Young Ju expects some volatility. Ju points out that the BTC estimated leverage ratio, which is calculated by dividing the open interest rate by the stock market reserve, seems to be approaching its all-time high, noting that the market is overly leveraged and uses the following statements:
BTC estimated leverage is about to reach its highest level in a year. It seems clear that the market is overly leveraged at the moment. We will soon see volatility.
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