Bitcoin Potentially Drops to $58K, Correction Possible Even Though Bullishness Continues

Bittime - Bitcoin Potentially Drops to $58K as Cooling Off Period Approaches, According to Swissblock Analysis. Bitcoin prices have surged drastically in the past month, nearly doubling their value. However, analysts from Swissblock warned of a potential correction (price drop) in the near future.

Swissblock Analysis Suggests Correction

Swissblock analysts see several indicators that point to the need for a correction:

• Negative divergence between Bitcoin price and the RSI momentum indicator: Even though the price is rising, momentum is weakening, which is often a signal of a correction.
• Price increase without significant correction: Bitcoin continues to rise without experiencing a significant decrease in price, creating conditions that are vulnerable to correction.

Swissblock estimates the correction could reach 20%, bringing Bitcoin prices to the $58,000-$59,000 range. However, they stressed that this is likely just a temporary correction before Bitcoin resumes its uptrend.

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Chart Analyst Aligned with Swissblock

Chart analysis by Swissblock analyst Henrik Zeberg supports the view of a correction in the next few days. However, overall, the outlook for Bitcoin remains optimistic in the long term.

Other Firms Agree with Potential Correction

Crypto investment services firm Matrixport also predicts a period of consolidation for Bitcoin. They agreed that although bullish momentum still exists, technical indicators point to the need for a correction before the next price increase.

BTC Price Today

Source: Bittime.com

On March 14 2024, the price of Bitcoin BTC/IDR has reached IDR 1,146,383,637 per coin, up 1.24% in 24 hours, based on the Bittime market.

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The recent surge in meme coin prices could be an indication of a shift in investor interest from major cryptocurrencies like Bitcoin to more speculative assets. Meme coin price movements have previously been observed to correlate with Bitcoin price trends, so you need to be careful.

Conclusion: A Correction Is Possible, But The Bullish Trend Remains Strong

Even though analysts expect a correction, overall market sentiment towards Bitcoin is still positive. This correction may only be temporary and Bitcoin is expected to continue its upward trend to a new record later.

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How to Buy Bitcoin (BTC) on Bittime

You can buy and sell Bitcoin (BTC) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

Bitcoin (BTC) is available on Bittime with the market pair BTC/IDR . To be able to buy BTC IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn the complete guide on how to buy Bitcoin (BTC) on Bittime . 

Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.