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Gigantic Bitcoin Price Correction, Btc Price Dumped Below $50k Yet Recovered Soon

PARIS, FRANCE - APRIL 03: In this photo illustration, a visual representation of the digital Cryptocurrency, Bitcoin is displayed on April 03, 2019 in Paris, France. Bitcoin is an electronic money that has seen an incredible increase in 2017, its price has reached 20,000 euros. But, while cryptocurrency has been trading for some months around 3200 to 3500 euros, it has risen to 5000 euros since yesterday. According to one analyst, this move would be linked to a single buyer who would have passed a colossal order to make up the course. (Photo by Chesnot/Getty Images)

Bitcoin’s Largest Price Correction in History

The bitcoin price which initiated a bearish divergence since the previous working day continued the steek in the early trading hours. The plunge was so massive that the BTC price was dragged below $50K for some moments.

The hourly chart manifests a similar pattern where-in the price had slashed nearly 27% draining out nearly $10K from the BTC price. Hence, if the price plays out well currently, then, the price may hit the previous levels at $55K to $58K in the coming few days.

Bitcoin correction

However, a short yet fast correction phase appears to have flipped and the price smashed above $51K at the press time. However, the current dip is looked like a ‘morning gift’ as the price is expected to rebound shortly. Moreover, the bitcoin price rally is expected to hit $100K by following a similar pattern according to an analyst KALEO.

Bitcoin Price May Continue to Plunge!

The BTC price just broke out the strong support levels around $51,000 and plunged below $50,000 levels. According to a popular analyst, imsohaibofficial, Bitcoin is looking for a great short opportunity.


As per the chart put up by the analyst, BTC price is trending within a channel which is followed since the start of February 2021. The current dip broke the channel and hence provided with a good short opportunity, And hence intensifying the probability of a price drop close to the levels around $32,000.

Collectively, the Bitcoin price rally might have appeared to have halted, yet provides an opportunity for ‘buy at the dip’. However, the bitcoin bull run which follows the current bearish trend would be enormous.

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