Bullish Sentiment Still Strong, Will Bitcoin (BTC) Recover from Correction?

Bittime - The Bitcoin market shows the potential for a price correction in the future, according to market analysts. This could be a "major buying opportunity" for astute investors.

CryptoQuant analysts see positive long-term Bitcoin futures funding rates as a sign of “ strong bullish sentiment.”

However, they also warned that this optimism could be a sign of a future price correction.

This price drop could be a golden opportunity for investors to buy Bitcoin at a cheaper price.

US Institutional Activity and Market Correction

CryptoQuant analyst 'Maartunn' also observed an increase in Coinbase Premium, which he said was "a sign of US institutions actively buying Bitcoin."

Coinbase Premium is the price difference between Bitcoin on Coinbase compared to other global exchanges.

Earlier in the week, crypto derivatives provider Greeks Live said that Bitcoin's continued decline was "pulling down the crypto market significantly, with panic spreading across the market and futures premium levels declining."

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Prediction of a Deeper Price Correction

The price of Bitcoin (BTC) has fallen 9% in the past week, reaching $65,000 on April 2. Currently, it is 10.5% below its record high ($73,738) on March 14.

IG market analyst Tony Sycamore predicts Bitcoin (BTC) prices could fall further, even reaching $60,000 or lower.

Also Read: Bitcoin Spot ETF: Blessing or Curse for Asian Markets?

Analyst and trader 'Mustache' says this correction is normal, as happened in 2020. After the correction, Bitcoin hit a new record and experienced a bull run.

In 2020, Bitcoin (BTC) experienced a 17% correction to $61,500 a week after hitting a record high. Then, the price recovered and reached $71,500 in late March, before dropping again in April.

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Conclusion

Although analysts see opportunities for Bitcoin price correction, investors need to pay close attention to indicators and overall market sentiment before making an investment decision.

Corrections can be a good buying opportunity, but keep in mind that the potential for deeper price declines can also occur.

How to Buy Crypto on Bittime

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

To be able to buy crypto assets on 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 Complete Guide How to Buy Crypto 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.