ANALYST PREDICTS 30% BITCOIN DROP TO $51K AS BEAR MARKET RETURNS 

Discussions of a bear market are resurfacing across cryptocurrency social media platforms as market downturns persist.

The recent enthusiasm surrounding the bull market has quickly diminished, leading to continued corrections and downturns across digital asset values.

On April 16, the well-known market analyst known as “Cold Blooded Shiller” informed his 269,000 followers on X that Bitcoin remains a major concern within the cryptocurrency landscape.

Bitcoin has seen a 15% decrease from its March 14 peak, but historical trends suggest that corrections could extend beyond 30%.

Such a correction could potentially reduce Bitcoin’s price to approximately $51,000, potentially triggering a sharper decline across various altcoins.

Deepening Market Corrections

During the 2021 cycle, there was a 25% correction early on that caused Bitcoin’s price to drop from over $40,000 to $30,000 within a month. Additionally, a later correction saw a 53% drop from $63,000 in April to $30,000 in July.

Thus, a 30% pullback from $73,000 would adjust prices to around $50,000, which aligns with past market behaviors.

On April 15, market analyst Willy Woo suggested that breaking the $58,900 support level could signify a shift to a bear market, indicating that a genuinely bullish market is still some weeks away.

Glassnode analyst “Checkmatey” also spoke of bear markets, noting they typically begin when excessive buying occurs at peak prices. Nonetheless, he expressed some optimism, suggesting that the market does not yet seem “top heavy.”

Furthermore, the Bitcoin Fear and Greed Index remains in the green zone, signaling that it may be premature to declare the start of a bear market based on current sentiment.

Altcoins Facing Significant LossesAnalyst Luke Martin noted that many altcoins have wiped out six months of gains in just a few weeks, with some nearing their bear market cycle lows by only 15-20%.

‘Rekt Capital’ highlighted that historical trends often include a retracement before a halving event, and the current cycle follows this pattern.

At the time of writing, Bitcoin was trading down 2.8% for the day at $63,354, with the broader market falling 3% to a total capitalization of $2.41 trillion as altcoins experienced more severe impacts.

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