{"id":626329,"date":"2024-06-25T19:00:27","date_gmt":"2024-06-25T19:00:27","guid":{"rendered":"https:\/\/ktsl888.com\/?p=626329"},"modified":"2024-06-25T15:21:32","modified_gmt":"2024-06-25T15:21:32","slug":"bitcoins-correction-is-not-done-54k-could-be-on-the-horizon-says-top-analyst","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/bitcoin-news\/bitcoins-correction-is-not-done-54k-could-be-on-the-horizon-says-top-analyst\/","title":{"rendered":"Bitcoin’s Correction Is Not Done: $54K Could Be On The Horizon, Says Top Analyst"},"content":{"rendered":"

Recent trends in the Bitcoin market have shown a significant flushing out of leverage, a process commented<\/a> on by prominent crypto analyst Willy Woo.<\/p>\n

While this corrective phase has seen Bitcoin’s price fall to as low as $58,000 yesterday<\/a>, it has partially rebounded, currently trading around the $61,500 mark. However, the journey could be smoother, as ongoing liquidations and market adjustments<\/a> pose challenges.<\/p>\n

Related Reading: Is The Bitcoin Bottom In? Here\u2019s What 7 Experts Say<\/a><\/div>\n

Analyzing The Depth Of Current Market Correction<\/h2>\n

Woo’s insights highlight that Bitcoin’s market correction hasn’t been done despite the recent recovery. Particularly, the market continues to grapple with the impact of post-halving miner capitulations and the high costs associated with mining hardware upgrades.<\/p>\n

These factors contribute to the ongoing pressure on weaker miners, forcing them out of the market and potentially leading to further price drops.<\/p>\n

According to Woo, while Bitcoin has slightly recovered, the overall market sentiment remains cautious. Technical indicators suggest that although Bitcoin could rebound from recent lows, there is still potential for a further drop.<\/p>\n

\n

Short term technicals point to a reversal playing out here.<\/p>\n

2 hours away from a TD9 reversal on daily candles.<\/p>\n

If this plays out, then we go into a hidden bullish divergence to correct for the overselling of the market. pic.twitter.com\/TPWRhmeGYn<\/a><\/p>\n

\u2014 Willy Woo (@woonomic) June 24, 2024<\/a><\/p><\/blockquote>\n

Woo predicts that Bitcoin could see a descent to $54,000<\/a> if current support levels fail. This key threshold\u00a0may trigger another round of liquidations and potentially usher in a bearish phase for short-term holders.<\/p>\n

The importance of this price level lies in its role as a demarcation line between bearish and bullish market regimes. Falling below it, especially given the current macroeconomic setup, could significantly affect Bitcoin’s price trajectory<\/a>.<\/p>\n

\"Bitcoin
BTC price is moving sideways on the 1-hour chart. Source: BTC\/USDT on TradingView.com<\/a><\/figcaption><\/figure>\n

Bitcoin Bearish Market Ongoing, But Don’t Despair<\/h2>\n

Adding to the conversation, Billy Markus, co-creator of Dogecoin, shares a somewhat philosophical take on handling the current crypto market’s bearish phase.<\/p>\n

He advises<\/a> investors to view their crypto investments with detachment, likening it to “throwing money into a fire.” Such a mindset, he argues, could help weather the emotional rollercoaster<\/a> of market ups and downs.<\/p>\n

Related Reading: SkyBridge Capital\u2019s Scaramucci Says Bitcoin Will Reach $250,000 Is This US Presidential Candidate Wins<\/a><\/div>\n

Meanwhile, renowned investor Robert Kiyosaki, author of “Rich Dad Poor Dad,” expressed<\/a> his strategy in light of the recent downturn. Kiyosaki, a vocal supporter of Bitcoin, views the current price dip as a buying opportunity, advocating a long-term investment approach akin to Warren Buffett’s philosophy of “buy and hold on forever.”<\/p>\n

\n

Bitcoin is crashing. Most people should sell. I am waiting to buy more.
\nAll markets go up and down. Many people make a lot of money \u201ctrading\u201d
\nmarkets which means buying low and hopefully selling low. The problem with \u201ctrading\u201d any asset is taxes, specifically \u201cshort term\u201d\u2026<\/p>\n

\u2014 Robert Kiyosaki (@theRealKiyosaki) June 24, 2024<\/a><\/p><\/blockquote>\n

Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"

Recent trends in the Bitcoin market have shown a significant flushing out of leverage, a process commented on by prominent crypto analyst Willy Woo. While this corrective phase has seen Bitcoin’s price fall to as low as $58,000 yesterday, it has partially rebounded, currently trading around the $61,500 mark. However, the journey could be smoother, as ongoing liquidations and market adjustments pose challenges. Related Reading: Is The Bitcoin Bottom In? Here\u2019s What 7 Experts Say Analyzing The Depth Of Current Market Correction Woo’s insights highlight that Bitcoin’s market correction hasn’t been done despite the recent recovery. Particularly, the market continues to grapple with the impact of post-halving miner capitulations and the high costs associated with mining hardware upgrades. These factors contribute to the ongoing pressure on weaker miners, forcing them out of the market and potentially leading to further price drops. According to Woo, while Bitcoin has slightly recovered, the overall market sentiment remains cautious. Technical indicators suggest that although Bitcoin could rebound from recent lows, there is still potential for a further drop. Short term technicals point to a reversal playing out here. 2 hours away from a TD9 reversal on daily candles. If this plays out, then we go into a hidden bullish divergence to correct for the overselling of the market. pic.twitter.com\/TPWRhmeGYn \u2014 Willy Woo (@woonomic) June 24, 2024 Woo predicts that Bitcoin could see a descent to $54,000 if current support levels fail. This key threshold\u00a0may trigger another round of liquidations and potentially usher in a bearish phase for short-term holders. The importance of this price level lies in its role as a demarcation line between bearish and bullish market regimes. Falling below it, especially given the current macroeconomic setup, could significantly affect Bitcoin’s price trajectory. Bitcoin Bearish Market Ongoing, But Don’t Despair Adding to the conversation, Billy Markus, co-creator of Dogecoin, shares a somewhat philosophical take on handling the current crypto market’s bearish phase. He advises investors to view their crypto investments with detachment, likening it to “throwing money into a fire.” Such a mindset, he argues, could help weather the emotional rollercoaster of market ups and downs. Related Reading: SkyBridge Capital\u2019s Scaramucci Says Bitcoin Will Reach $250,000 Is This US Presidential Candidate Wins Meanwhile, renowned investor Robert Kiyosaki, author of “Rich Dad Poor Dad,” expressed his strategy in light of the recent downturn. Kiyosaki, a vocal supporter of Bitcoin, views the current price dip as a buying opportunity, advocating a long-term investment approach akin to Warren Buffett’s philosophy of “buy and hold on forever.” Bitcoin is crashing. Most people should sell. I am waiting to buy more. All markets go up and down. Many people make a lot of money \u201ctrading\u201d markets which means buying low and hopefully selling low. The problem with \u201ctrading\u201d any asset is taxes, specifically \u201cshort term\u201d\u2026 \u2014 Robert Kiyosaki (@theRealKiyosaki) June 24, 2024 Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":626341,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,441,629,639,678,1119,78790,10923],"class_list":["post-626329","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-analysis","tag-bitcoin-market","tag-bitcoin-miners","tag-bitcoin-prediction","tag-btc","tag-btcusdt","tag-crypto-market"],"acf":[],"yoast_head":"\nBitcoin Correction Is Not Done: $54K Could Be On The Horizon, Says Top Analyst<\/title>\n<meta name=\"description\" content=\"Recent trends in the 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/ktsl888.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin’s Correction Is Not Done: $54K Could Be On The Horizon, Says Top Analyst","url":"http:\/\/ktsl888.com\/bitcoin-news\/bitcoins-correction-is-not-done-54k-could-be-on-the-horizon-says-top-analyst\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/bitcoin-news\/bitcoins-correction-is-not-done-54k-could-be-on-the-horizon-says-top-analyst\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/06\/DALL\u00b7E-2024-06-25-15.27.45-A-digital-artwork-for-a-finance-article-depicting-a-turbulent-market-scenario-for-Bitcoin.-The-scene-shows-a-large-graphical-depiction-of-a-plummeti.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/06\/DALL\u00b7E-2024-06-25-15.27.45-A-digital-artwork-for-a-finance-article-depicting-a-turbulent-market-scenario-for-Bitcoin.-The-scene-shows-a-large-graphical-depiction-of-a-plummeti.jpg?fit=1024%2C1024"},"articleSection":"Bitcoin News","author":[{"@type":"Person","name":"Samuel Edyme"}],"creator":["Samuel Edyme"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin analysis","bitcoin market","bitcoin miners","bitcoin prediction","btc","btcusdt","crypto market"],"dateCreated":"2024-06-25T19:00:27Z","datePublished":"2024-06-25T19:00:27Z","dateModified":"2024-06-25T19:00:27Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin’s Correction Is Not Done: $54K Could Be On The Horizon, Says Top Analyst\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/bitcoin-news\\\/bitcoins-correction-is-not-done-54k-could-be-on-the-horizon-says-top-analyst\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/bitcoin-news\\\/bitcoins-correction-is-not-done-54k-could-be-on-the-horizon-says-top-analyst\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/DALL\\u00b7E-2024-06-25-15.27.45-A-digital-artwork-for-a-finance-article-depicting-a-turbulent-market-scenario-for-Bitcoin.-The-scene-shows-a-large-graphical-depiction-of-a-plummeti.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/DALL\\u00b7E-2024-06-25-15.27.45-A-digital-artwork-for-a-finance-article-depicting-a-turbulent-market-scenario-for-Bitcoin.-The-scene-shows-a-large-graphical-depiction-of-a-plummeti.jpg?fit=1024%2C1024\"},\"articleSection\":\"Bitcoin News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Samuel Edyme\"}],\"creator\":[\"Samuel Edyme\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin analysis\",\"bitcoin market\",\"bitcoin miners\",\"bitcoin prediction\",\"btc\",\"btcusdt\",\"crypto market\"],\"dateCreated\":\"2024-06-25T19:00:27Z\",\"datePublished\":\"2024-06-25T19:00:27Z\",\"dateModified\":\"2024-06-25T19:00:27Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/06\/DALL\u00b7E-2024-06-25-15.27.45-A-digital-artwork-for-a-finance-article-depicting-a-turbulent-market-scenario-for-Bitcoin.-The-scene-shows-a-large-graphical-depiction-of-a-plummeti.jpg?fit=1024%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/626329"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/580"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=626329"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/626329\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/626341"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=626329"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=626329"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=626329"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}