‪Post-Halving Analysis: Bitcoin Could Correct to $52,000 Or Skyrocket Above $250,000 at the Peak of the Cycle

The current state of the Bitcoin market, particularly the expected price outcome, has been a major topic of conversation amongst community members.

While sentiments are mixed, with most leaning towards a bearish end, a prominent analyst has revealed that despite Bitcoin printing red candles, the bull market has not yet reached its peak. The pseudonymous analyst told his 126.9k followers that Bitcoin is now in correction mode, regardless of the indicators flashing on the technical charts.

However, the asset could continue in a downward correction, causing Bitcoin to hit lower levels. Notably, Bitcoin plunged to the $63,000 price zone as selling pressure rose during the weekend. Should the bear trend continue, Bitcoin could decline to $50,000. 

1/x
The short answer at the beginning: no, we are not at the end of the bull market.

We believe what we see is a correction which could send us back to the 50ks.

Call it triple top, call it wyckoff distribution. Bitcoin is in correction mode, but… pic.twitter.com/upTo2O0lXw

— Stockmoney Lizards (@StockmoneyL) April 27, 2024

Nonetheless, the analyst added that the downward correction is expected to be temporary. In a previous analysis, the predictions from April 2nd summarily read “double top, decreasing RSI, no bullish divergence in sight. More downside: ” So far, the predictions have been accurate, as BTC has stayed in the corrective channel.

Mass adoption and inflation to impact Bitcoin’s price

Addressing the concerns raised about the underwhelming post-halving Bitcoin performance, the analysis offered a historical perspective, noting that it is typical for Bitcoin bulls to slow down. The analyst stated that the bull market will kick in in a few months or weeks.

Outlining the metrics that revealed the market was still bullish, the analyst pointed to the 1-year SMA, which “shows that we are still in the very, very green zone here.”

Breaking down how deep the market can go, the analyst is quoted saying, 

“How deep can we go? As we stated in our latest thread, we have several layers of support: A) 60k, B) 56k, and C) 52K. If the first two break, there are strong signs that 52k will be reached before we finally move up higher, like the amount of liquidity lying in this area. Also, as seen in the upper image, this region coincides with the 61.8 Fib Retracement (the golden pocket) and should serve as a resistance.”

On the flip side, the analyst made a bullish call, asserting that Bitcoin will surge past $200,000 at the cycle’s peak due to an increase in institutional adoption and the constant rise in inflation. While the near-term target sits at >$100k, the cycle is expected to peak during the 3rd quarter of 2025.