Is The Crypto Bull Run Over? Analyst Predicts Bitcoin (BTC) Price Correction Ahead
The world’s leading cryptocurrency has taken a hit, dipping below the crucial $28,000 mark. As global macro liquidity dries up, there’s growing speculation about the end of the crypto bull run.
Crypto expert DonAlt, who accurately predicted the 2023 crypto explosion, has projected a Bitcoin downturn.
DonAlt Predicts Bitcoin Correction
DonAlt points out that Bitcoin has broken down from a symmetrical triangle pattern on the daily chart, indicating that a correction could be in store. He believes that if Bitcoin drops, it could signal the start of a more extended corrective period.
While the correction may cause concern for some investors, DonAlt notes that this could be an opportunity for BTC bulls to accumulate digital assets at lower prices. Bitcoin has risen by roughly 100% since its November 2022 low, so a correction could offer a chance to buy in at a more reasonable price.
The macroeconomic conditions have already caused a negative impact on Bitcoin as liquidity continues to drain due to banking failures and the weakening Dollar. Despite favorable macro conditions such as S&P strength, gold strength, and banking FUD, BTC is still struggling to maintain its uptrend. DonAlt queries why this is so, given that Bitcoin has been acting as a store of value for a long time.
Also Read: Bitcoin Price Prediction 2023: Analyst’s Projection Points to Possible Outcome – Coinpedia Fintech News
Are Memecoins stealing the show?
Additionally, He points out that investors are focused on generating quick money rather than holding for long-term returns. Meme coins like PEPE have shifted attention away from Bitcoin as the original “store of value.”
Likewise, cryptocurrency’s regulatory environment isn’t helping either. Every company and exchange is being careful after Bittrex’s bankruptcy filing. Exchanges’ US activities are unprofitable in the current regulatory and economic environment.
Related: Meme Coin Craze Overwhelms BTC Network, Fees Skyrocket – Coinpedia Fintech News
Overall, Bitcoin is down over 4% today at $27,731. DonAlt’s warning reminds investors to be careful and prepared for market corrections as the cryptocurrency’s future is unknown.