Top Analysts Unanimous that Bitcoin Correction Ends at $56K

While bearish forces have dominated the Bitcoin market for the past month, causing a 22% price sink, many analysts are confident BTC’s bottom is in.

Over the past day, the crypto market has recorded a bloodbath. The Bitcoin bears forced the asset back to the $50K channel, price levels last seen two months ago before the March all-time high of $73,750.

In particular, Bitcoin registered an intra-day low of $56,555 at press time, plummeting by about 9% from the $60K range. In addition, Bitcoin’s further retracement in the last 24 hours dealt a significant blow to the altcoin market. Assets like Dogecoin (DOGE) and Toncoin (TON) have registered double-digit percentage losses.

Notably, this unyielding bleeding trend in the Bitcoin market has been ongoing for nearly five weeks already, and the asset has shredded 22.35% of its ATH value. Meanwhile, well-known analysts in the crypto space believe Bitcoin’s price may not crash significantly any further.

Analysts Say Bitcoin Bottom Is In

In an updated Bitcoin analysis, Rekt Capital pointed out that the drop to the $56K threshold now accounts for the most profound decline so far witnessed in this cycle. He presented a chart illustrating that after similar 20% declines in the past, there often follows a sustained relief rally to higher price thresholds.

#BTC

This is officially the deepest retrace in the cycle (-23.6%)$BTC #BitcoinHalving #Bitcoin pic.twitter.com/Gcapbl0Nu6

— Rekt Capital (@rektcapital) May 1, 2024

In a separate conversation, renowned analyst Michaël van de Poppe voiced a similar sentiment. Van de Poppe argued that Bitcoin has reached the final junction of price consolidation. 

While noting the likelihood of further retracement, the analyst suggested that the $56K to $58K price points will be a crucial observation zone. Meanwhile, he proposed that the altcoin market would recover much earlier than the Bitcoin bulls.

Furthermore, crypto statistician Sergio Tesla also presented bullish sentiments comparable to Van de Poppe and Rekt Capital. 

Interestingly, during Bitcoin’s rally to the ATH in March, Sergio forecasted its subsequent crash to the $56K range, which has ultimately materialized. He had emphasized that the journey to $56K would be arrowing and emotionally taxing on investors.

Nonetheless, he considers the $56K threshold to be Bitcoin’s bottom before a significant takeoff. In particular, this analyst expects Bitcoin to rally back to the unprecedented $80K range much faster than the asset dipped to $56K.

At press time, Bitcoin trades at $57,495, recording a barely $1,000 gain after the landslide drop.