Bitcoin’s Retreat from Its Peak Reaches Nearly 20%, Analytical Agencies Declare the Correction Over: Optimistic about Altcoins and Mining Company Stocks
Swissblock, an analytical firm, previously predicted that Bitcoin would experience a correction to $58,000. They now state that the market consolidation is complete and expect alternative cryptocurrencies and mining company stocks to perform exceptionally well in the next phase of the upward trend.
Bitcoin Correction: Is the Pullback Over?
About a week has passed since Bitcoin hit its all-time high of $73,787 on the 14th. On the 20th, BTC dropped to a low of $60,767, marking a maximum retracement of -17.64%.
BTC’s closing prices over the past six days were as follows:
16th: $65,308
17th: $68,399
18th: $67,611
19th: $61,936
20th: $67,825
21st: $65,507
Swiss National Bank Unexpectedly Cuts Interest Rates, Strengthening the US Dollar
Although Bitcoin fell by about 3% to $64,854 after opening on the 21st, analysts believe that the market pullback has ended.
The drop in Bitcoin may be attributed to the Swiss National Bank’s sudden interest rate cut, which further strengthened the US dollar and put pressure on asset prices.
Swissblock: Bitcoin Pullback is Over
Market analysis company Swissblock previously emphasized on March 13th that Bitcoin’s price has nearly doubled since the end of January, with no significant retracements occurring, suggesting that a correction period may be imminent. Bitcoin also briefly approached their predicted pullback target price of $58,000-$59,000.
Swissblock analyst Henrik Zeberg stated in Thursday’s market update:
“Now higher price levels are about to come, and altcoins and Bitcoin mining companies will perform very well in the next phase of the upward trend.”
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Bitcoin ETF Sees Four Days of Decreasing Net Outflows, Bloomberg Analyst: Worst Case Scenario Coming to an End
JPMorgan: Bitcoin Still in Overbought Territory, Potential Correction to $42K
