Bear Market Blues Analyst Says 30% Bitcoin Correction Back to $51K

As the crypto market correction continues and digital assets continue to drop, the bull market euphoria seems to have come to a screeching halt.

On April 16, popular market analyst “Cold Blood Schiller” told his 269,000 followers on X that Bitcoin is “still a cloud hanging over crypto.”

BTC retreated 15% from its March 14 all-time high, but historical market cycles have seen corrections of more than 30%.

This could send BTC prices to $51,000, which could send the rest of the altcoins into a deep decline.

This is still a cloud hanging over crypto imo, and it's $BTC.

1. There is a lot more strength now. By halving this from the ETF, the fundamentals, it's notable that BTC is holding up.

2. There is acknowledgment that this is happening, and… pic.twitter.com/HBcY7D6Etg

— Cold Blood Shiller (@ColdBloodShill) April 15, 2024

Correction may be added.

At the beginning of the 2021 cycle, there was a 25% correction, which caused BTC prices to drop from $40,000 to $30,000 in one month. It went from $63,000 in April to $30,000 in July, dropping 53% later that year.

Therefore, a 30% retracement from $73,000 would bring prices back to the $50,000 level, which does not seem out of place considering past market activity.

On April 15, market analyst Willy Wu said that if support at $58,900 is broken, “we will move into a bear market.”

Markets are “still weeks away from a true bullish environment” in the long term, he added.

Glassnode analyst “Checkmatey” also cited bear markets, stating that “a lot of people buy too many coins and start too high.” However, he remained slightly optimistic, saying the market did not look “heavy”.

Moreover, the fear and greed index of Bitcoin remains in the green zone, which means that it is too early to call a bear market, taking into account the general sentiment.

Bitcoin Fear and Greed Index 65 ~ Greed Current Price: $63,419 pic.twitter.com/hpqHnh89Op

— Bitcoin Fear and Greed Index (@BitcoinFear) April 16, 2024

Altcoins bleeding

According to analyst Luke Martin, many of the altcoins are close to erasing six months of gains in a few weeks. “Some are only 15-20% away from bear market cycle lows,” he added.

Meanwhile, ‘Rekt Capital' has always been a pre-half recovery, and this cycle is no exception.

#BTC

There is always a pre-halving and this is the case with all Bitcoin cycles.

This time is no different. $BTC #Crypto #Bitcoin pic.twitter.com/FIJ6CJA3Jo

— Rekt Capital (@rektcapital) April 15, 2024

BTC prices are down 2.8% on the day at $63,354 at the time of writing. The broader market fell 3% in total capitalization as altcoins hit harder.