Bitcoin May Start a New Bull Market, No Deep Corrections Expected Under Strong Support

Bitcoin's price has solidified its position just above the crucial support level of $65,000, with cryptocurrency traders viewing its pattern as robust. Some even suggest that no significant corrections are expected soon, and the price may continue to rise.

Anonymous cryptocurrency trader Yoddha told his 49,000 followers on the X platform on Saturday, "With Bitcoin's price support being so strong, I don't expect a deep correction."

In the past 30 days, Bitcoin has risen nearly 9%.

Meanwhile, anonymous cryptocurrency trader Rekt Capital pointed out that according to CoinMarketCap data, a major correction has already occurred, with Bitcoin's price dropping from $66,421 on April 24 to $56,792 on May 2, a decline of 15%.

In a recent X post, Rekt stated, "We've experienced deep corrections and long-term adjustments. When both occur together, the bottom is always very close."

On May 6, Bitcoin's price rebounded above the key support level of $65,146, and some traders believe this trend is common during bull markets.

Cryptocurrency commentator Starbust explained in an article on Saturday, "Normal corrections in a Bitcoin bull market are usually sharp and quickly rebound."

Cryptocurrency trader Mags pointed out the typical market chart, the "Market Cycle Psychology" from the Wall Street Cheat Sheet, indicating that Bitcoin is in the "belief" phase of the cycle—investors are gaining more confidence in market gains.

Analysts and observers are closely monitoring Bitcoin's price for more signs of correction, especially since the April 20 Bitcoin halving event, looking at past halving events as a precedent.

Following the Bitcoin halving in May 2020, its price surged from $9,383 to $58,958 in May 2021. However, just a month later, it experienced a 40% correction, dropping to $35,484 in June.

Despite some analysts believing it is pointless to study its price charts closely before Bitcoin breaks above $70,000 and approaches its all-time high again.

Mati Greenspan, founder of Quantum Economics, explained to Cointelegraph on Friday, "What's exciting is the breakout, so analyzing charts before the breakout is futile."

"Forget all the short-term price movements," added anonymous cryptocurrency trader PlanC.