Bitcoin (BTC) Price Prediction: Is the Correction Done?

Bitcoin (BTC) price has dropped nearly 10% in the past four days, leaving investors wondering if the correction is done.

Bitcoin price dropped nearly 10% in the past four days, leaving investors wondering if the recent correction is done. However, technical and on-chain analytics suggest that BTC has further room to slide lower, and analysts also forecast a further drop in the world’s largest crypto by market capitalization.

Bitcoin price slid nearly 9.5% from the September 27 swing high of $66,498 and trades today at $60.3K, following an uptick in the Asian trading session on Thursday. However, in the London session, BTC is down 2.05%.

Popular crypto analyst Crypto Capo noted that the crypto market was “looking heavy” and he “wouldn’t rule out a final shakeout.” In his analysis, Capo expects another 10% to 20% correction for Bitcoin. Considering the current level of $60.2K, this drop would push BTC down to the $48K to $54K range. The analyst ended his analysis by saying that he was “not selling my positions, but hedging. Just in case.”

On the other hand, Trader Mayne, co-founder of Breakout prop trading firm, believes that there could be a bounce. Mayne adds that he wouldn’t mind “bidding” BTC between $60.2K and $58K and expect a run up to $61K to $63K. However, he did warn that a new high time frame low could be on the way unless Bitcoin reclaims the $65K level decisively.

Meanwhile, RektProof posted his Bitcoin game plan to X and expects a bounce between the $59.2K to $57.2K region. The resulting rally, according to RektProof, should propel BTC price to $70,000 or higher.

If the crypto market outlook has changed and the historical Q4 performance has kicked in, then a Bitcoin bounce should happen around $59.4K, which is the yearly VWAP and also critical support. This move would keep the uptrend intact and provide BTC bulls with a foothold to decisively overcome the $64K to $65K hurdle. However, a failure from bulls here could send BTC down the $57.2K to $57.9K support levels, which is the last chance to keep the bull trend dream alive.

In any case, investors must expect one or two scenarios to play out, and here's why:

The 30-day MVRV indicator hovers around 0 after dropping from nearly 8% a week ago. This suggests that investors have realized profits. However, it is unlikely that this correction will stop here, considering that the MVRV buy zone is between -8% to -10%.

In conclusion, Bitcoin price prediction is that the correction is done for now and investors should watch for the aforementioned scenarios to play out.

1. Is Bitcoin price correction done?

Bitcoin price dropped nearly 10% in the past four days, leaving investors wondering if the recent correction is done. However, technical and on-chain analytics suggest that BTC has further room to slide lower, and analysts also forecast a further drop in the world’s largest crypto by market capitalization.

Bitcoin price slid nearly 9.5% from the September 27 swing high of $66,498 and trades today at $60.3K, following an uptick in the Asian trading session on Thursday. However, in the London session, BTC is down 2.05%.

2. What is the current market sentiment for Bitcoin?

Crypto analyst Crypto Capo stated that the crypto market is “looking heavy” and he “wouldn’t rule out a final shakeout.” In his analysis, Capo expects another 10% to 20% correction for Bitcoin. Considering the current level of $60.2K, this drop would push BTC down to the $48K to $54K range.

Meanwhile, Trader Mayne noted that he wouldn’t mind “bidding” BTC between $60.2K and $58K and expect a run up to $61K to $63K. However, he did warn that a new high time frame low could be on the way unless Bitcoin reclaims the $65K level decisively.

On the other hand, RektProof expects a bounce between the $59.2K to $57.2K region. The resulting rally, according to RektProof, should propel BTC price to $70,000 or higher.

3. What are the key support levels for Bitcoin?

If the crypto market outlook has changed and the historical Q4 performance has kicked in, then a Bitcoin bounce should happen around $59.4K, which is the yearly VWAP and also

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