Current Market Conditions
Bitcoin is currently trading around $60,000, a level that has historically marked a turning point in its market cycle.
Analyst Predictions
Analyst Checkmate predicts that Bitcoin is entering a “chopsolidation” phase, a period of sideways movement with high volatility. This phase could last for approximately six months, followed by a period of rapid growth lasting six to twelve months.
Historical Patterns
Checkmate supports his analysis by referencing previous Bitcoin halving years (2012, 2016, 2020), which have typically shown strong performance in the months following the halving.
Potential Correction
Analyst Charles Edwards warns that the market’s recent bullishness may be unsustainable. He suggests that a correction is likely, especially if Bitcoin fails to break above $61.5K.
Sell in May?
Edwards also advises investors to consider selling in May, as market conditions appear to be more bearish than they seem. A correction could strengthen the market’s long-term prospects.
Current Market Situation
At the time of writing, Bitcoin has dropped to $57,691.
