Key Points
- The bottom of the current Bitcoin correction could be $60K, according to certain analysts.
- Extended price consolidation and improved market conditions are expected from May onwards.
The past week was particularly harsh for markets, notably for risk-on assets such as Bitcoin (BTC). US equities ended the week in the negative, and BTC also extended its weekly losses in April, reaching a low of $59.6K. This happened amidst a Bitcoin halving, US tax season, and tensions in the Middle East.
However, Bitcoin has since shown signs of recovery, rising above $66K and seeming ready to reverse its recent losses. The halving and US tax season are no longer in the spotlight, and tensions in the Middle East have also slightly decreased.
Analysts’ Predictions
This leads to the question of whether the Bitcoin halving sell-off has come to an end. Some market watchers believe this to be the case.
Prominent crypto analyst Tuur Demeester recently suggested that $60K could be the bottom of the current correction, aligning with Glassnode’s current bull pattern. Another pseudonymous crypto analyst, McKenna, agreed with Demeester’s correction bottom at $60K. McKenna also suggested that the BTC halving sell-offs might be over, but an extended period of sideways movement could be on the horizon.
McKenna further proposed that BTC’s possible sideways movement could rally stronger altcoins. However, a recent report by AMBCrypto found that the market is not yet ripe for an altcoin season.
Market Prospects
Rekt Capital, a well-known trader and market cycle analyst, suggested that the current prices could be the best bargain for BTC if we are indeed in the re-accumulation phase.
Some market watchers are predicting better conditions starting in May. In an early April statement, BitMEX founder Arthur Hayes suggested that market conditions could improve in May after the US tax season and BTC halving.
If the sideways movement continues and market conditions improve in May, the current range of $60K and $71K could be significant watch levels in the future.
