Bitcoin (BTC) seems to have paused its upward momentum in the past few days. Although the leading cryptocurrency rose to $ 18,000 yesterday morning, it later retreated to $ 17,500. At the time of writing, BTC was trading at $ 17,391, according to CoinMarketCap data. So what does this retreat herald? Is Bitcoin a decline correction or a trend change? We have compiled what the analyzes say about this issue for you.
Crypto Kemal, one of the important names of the local crypto money community, made statements about this withdrawal of Bitcoin. Crypto Kemal stated that the price action showed a correction, but the trend in crypto currency may have turned down because the $ 18,000 was raised. The popular name used the following expressions:
“The price action for BTC shows that we are in correction, but we will wait and see that the trend in bitcoin may have turned down because we have climbed to a high price of 18,000 … The place I wait for the correction is the 17,000 region, we will talk for below, I have no position for now …”
Another popular analyst, TraderXO, stated that there is usually a cooling period in the extensive upward movements. The analyst stated that the corrections should be welcomed. Trader Crypto Michael, on the other hand, expects BTC to fall as he predicts a series of corrective moves. According to Michael, there may be a 15% -20% drop in BTC.
Is The Correction In Bitcoin Closing?
Nebraskan Gooner, one of the important traders of the crypto money community, stated that he wanted to retest Bitcoin’s $ 17,000. Gooner said, “Bitcoin seems to want to retest $ 17,000.”
Another analyst, Josh Rager, explained the day before that it was nice to pull back and more could come.
Another analyst, Lark Davis, made a video and announced that it was said that this rise of Bitcoin is different from other times. Davis said that although the market appears to be bullish, a correction is likely.