Swissblock: Bitcoin will face a temporary correction! or fall below $60,000

Analysts at Swissblock, a digital asset analysis company, said that no asset will continue to rise in a straight line, not even Bitcoin.

Swissblock: Bitcoin will face a temporary correction

According to foreign media CoinDesk citing a Swissblock report, the price of Bitcoin has nearly doubled since the end of January from US$38,000, and there has still been no significant correction. , which may indicate that a correction period is coming.

Swissblock analysts said: No asset will continue to rise in a straight line, not even Bitcoin.

Swissblock analysts made their predictions based on Bitcoin’s 4-hour RSI technical indicator. Although Bitcoin price increased slightly, the RSI indicator continued to decline, forming a bearish divergence, suggesting that the price may fall.

Analyst Henrik Zeberg believes that the correction may be realized as soon as within the next few days, but from the perspective of the larger cycle, the correction will only be temporary.

He predicts that Bitcoin will fall to $58,000 to $59,000 next, a 20% drop from the current price, but will continue to set new all-time highs thereafter.

Meme coins are doomsday chariots?

Matrixport also mentioned based on the RSI indicator on the 12th that although there is support for the price, the sinking of the RSI and the divergence of the Bitcoin price may indicate that Bitcoin needs to consolidate before it can rebound again.

Finally, the skyrocketing rise in meme coins may also represent a correction indicator. CoinDesk pointed out that investor returns shift from the cryptocurrency market to high-risk, small-cap tokens, which is often the final stage of an upward trend.

For example, Bitcoin reached a stage high of $31,043 in April last year, and then PEPE hit a record high of that year on May 6. Bitcoin then fell to a low of $24,791 on June 14. Just started another wave of gains.

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