Expected correction in bitcoin price

Bitcoin (BTC) experienced an expected market-wide correction on October 13.

BTC / USD (Bitstamp) 1-hour candlestick chart. Source: TradingView

Analysts were waiting for the solution

According to data from Cointelegraph Markets Pro and TradingView, the BTC / USD pair fell below $ 54,000 on Bitstamp after reaching its highest level in the last five months.

Although the coin later rose to around $ 55,000, there is uncertainty as to which direction it might take as of Wednesday.

Analysts, on the other hand, expected such a price move. While $ 58,000 is widely thought of as resistance that cannot be broken all at once, an opportunity to bottom below $ 53,000 is seen.

Investor and analyst Rekt Capital said: “This correction in the price of BTC does not worry me at all.” summarized.

Rekt Capital believes that this type of consolidation is necessary for Bitcoin to find new support levels and hit the record again. I add that it is necessary.

Popular like-minded investor Pentoshi stated that the price of Bitcoin that sets a higher minimum price with the current correction may be the last one before it begins to attack higher highs.

Pentoshi, “If 48 thousand dollars are lost, this prediction will not be valid” he added.

The market remains calm

Although the price of Bitcoin is closer to 15 percent of an all-time high, the overall market remains quiet.

It may interest you: Bitcoin could break a record this month, according to new data

According to Google Trends data, Bitcoin received less attention in the last quarter of this year compared to last year.

Market confidence did not rise excessively as it did in previous macro and seasonal price spikes.

“The lack of enthusiasm as Bitcoin approaches $ 60,000 is surprising but satisfying,” said Charles Edwards, founder of asset management firm Capriole.

“As in October 2020.”

Google searches for “Bitcoin”. Source: Google Trends

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