After a tumultuous week, Bitcoin (BTC), recovered some of its losses by climbing back up to $70,000 on March 15th following a pullback to around $65,000. The cryptocurrency king could not sustain above this level and is trading around $69,000 at the time of writing. Analysts warn that Bitcoin is expected to continue its correction from this point and anticipate a consolidation phase to follow.
Two Leading Experts Analyze Bitcoin
Renowned on-chain analyst Willy Woo shared his views on the current market situation, stating that Bitcoin’s Spent Output Profit Ratio (SOPR) indicator has peaked and could consolidate around the highest levels ever recorded for the remainder of March. Historical trends suggest that similar consolidation phases have provided significant buying opportunities for investors.
As the market moves through the consolidation phase indicated by Woo, participants are closely monitoring developments to capitalize on potential buying opportunities. Despite Bitcoin’s 55% increase since the beginning of the year and reaching an all-time high of around $73,750 due to the recent rally, there is confusion among investors regarding the correct entry point for Bitcoin.
Experienced cryptocurrency analyst Michael van de Poppe pointed out ongoing bearish signals for BTC, noting the current bearish divergence, lower time frame downtrend formations, and a significant pullback from the $70,500 level, suggesting a correction to the range of $57,000 to $61,000.
Prominent Crypto Billionaire Predicts Potential Bottom
Galaxy Digital’s founder and famous crypto billionaire Mike Novogratz recently warned in an interview with CNBC that Bitcoin’s uptrend could reverse into a downtrend if outflows from spot Bitcoin exchange-traded funds (ETFs) exceed inflows. Novogratz expressed optimism about a potential downturn for Bitcoin, expecting it to bottom out between $50,000 and $55,000 barring unforeseen major events.
While the recent price correction and slowed inflows into spot Bitcoin ETFs have led to speculation about the future price trajectory of the largest cryptocurrency, the general sentiment among experts and analysts remains optimistic.
