While the leading cryptocurrency Bitcoin (BTC) continues its horizontal course, the largest altcoin Ethereum (ETH) exceeded $ 3,100 over the weekend.
While BTC remains relatively more inactive than ETH, investors are wondering whether there will be a correction in the BTC price.
Speaking to Coindeks at this point, FxPro senior market analyst Alex Kuptsikevich said that Bitcoin could see a short-term correction up to $47,000.
“Bitcoin price has fallen below $51,000, near the bottom of its consolidation range over the last eight days.
“If there is no bounce in Bitcoin from these levels, we could see the start of a deeper correction that could potentially drop to $47,000-$49,000.”
The analyst also stated that BTC and cryptocurrency investors are acting a little more cautiously, saying, “Since Friday morning, sales have dominated the cryptocurrency market, despite all-time highs in many global stock indexes. As a very sensitive indicator, the crypto market has made investors a little more cautious.” “It may be signaling that he is coming,” he said.
Bitcoin continues to trade at $51,280 at the time of writing.
*This is not investment advice.