Bitcoin’s price has dropped to $65,000, indicating a potential opportunity to buy as analysts predict fluctuations between $60,000 and $70,000. Despite the recent price corrections, market sentiment remains strong, with analysts suggesting a cyclic pattern in Bitcoin’s trajectory. CryptoQuant, a leading on-chain data/analytics provider, has observed record-long positive Bitcoin futures funding rates, which indicates a robust bullish sentiment and an imminent opportunity in the Bitcoin market. These sustained positive futures funding rates not only suggest strong bullish sentiment but also hint at an upcoming price correction.
Market experts view this scenario as a prime buying opportunity. Futures funding rates, which are periodic payments exchanged between traders, reflect the divergence between the perpetual futures contract price and Bitcoin’s spot price. In a typical situation, if futures prices are higher than the spot, holders of long positions pay those holding short positions, and vice versa. However, this optimism often precedes price corrections, and market analysts believe that a decrease in Bitcoin’s price following this trend could provide an ideal buying window. The growing Coinbase Premium, which indicates active U.S. institutional buying, further reinforces this outlook.
Bitcoin’s value has recently decreased by approximately 9% over the past week and currently stands 10.5% below its all-time high. Market analyst Tony Sycamore predicts a further decline to around $60,000, which he interprets as a corrective phase before an eventual upswing towards $80,000. This aligns with a recent report on Bitcoin ETFs under pressure, highlighting GBTC’s record outflows as BTC dipped by 5%. Despite these outflows, Bitcoin’s price has remained relatively stable, and this trend aligns with other analysts’ observations that corrections around all-time highs are typical market behaviors that often lead to a strong bullish phase. Historically, Bitcoin has shown the potential to rebound significantly after such corrections, indicating a cyclic pattern in its price trajectory.
Further supporting this sentiment, CryptoQuant tweeted about Crypto SunMoon, a Korean cryptocurrency trader, noting the record-long positive Bitcoin futures funding rates. This historically precedes price corrections, suggesting that a subsequent drop may present a prime buying opportunity.
IG market analyst Tony Sycamore notes that BTC has fallen about 9% over the past week, reaching a low just below $65,000 on April 2. It currently stands 10.5% below its all-time high of $73,738 on March 14, and there is potential for a further drop. Sycamore predicts a drop to support at around $60,000, or possibly lower, before the uptrend towards $80,000 resumes.
As of the latest update from Coin Market Cap, BTC is trading around $66,186, showing a decrease of 5.60% over the past week. The next milestone, whether it will be $60,000 or $70,000, will depend on dynamic market factors.