Is It Time for Bitcoin’ Price Correction?

Bitcoin (BTC) gained more than 22% over the last week, but as it slows down for Friday, traders are worried that it might be experiencing price correction.

The cryptocurrency market has been surging this week, with Bitcoin making the most headlines as it approaches its all-time high. However, the coin slowed down to a crawl on Friday morning and is now down 0.72% for the day. This has stalled Bitcoin at $62,532 (BTC/USD) after it surged for several days in a row.

Does this mean a slow weekend for Bitcoin and the wider crypto market? Does it also mean the end of the bull run and Bitcoin’s attempt to set a new all-time high record?

Our Prediction for Bitcoin

Bitcoin’s movement has definitely slowed, and what was a steady surge upward has turned almost flat. Watching the hourly charts for Bitcoin, you can see that the coin is making an attempt to get back its momentum, moving from $60,802 late last night to this morning’s $62.5k level. That might be enough of a movement to get the ball rolling on the bull run again over the weekend, but it could also be a short flame that fizzles out before the end of the day.

Bitcoin is likely to have trouble gaining steam again at this point. As the momentum drains away, many traders will cash out with what they have gained and leave Bitcoin behind for a while. This first sign of trouble may scare them off and leave Bitcoin motionless for the time being.

We do not expect Bitcoin to plummet but rather to retain its gains and stay above the $60,000 level. If the bulls get ahold of it again, it could push to the all-time high, which would propel it even further.

Because of the upcoming halving in April, we expect that it won’t be very long before we see another major surge for Bitcoin and see it push to a new high.

ABOUT THE AUTHOR See More

Timothy St. John

Financial Writer - European & US Desks

Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.

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