Bitcoin Could Face Deeper Correction After Dropping $2,000 From Highs

According to the chart, there is no substantial bid-side support for Bitcoin until the $16,000 region. The trader that shared the chart seen above is the same one that weeks ago predicted that Bitcoin would hit the $18,500-19,500 region when it was trading closer to $13,000.

There is a good likelihood Bitcoin drops toward that region, should we assume the analyst’s views come true yet again. Bitcoin and traditional market cycle analyst Bob Loukas commented after the drop: The co-founder of Nexo made a similar comment to Bitcoin, noting that any healthy market does not go up 100% of the time.

Timeline of Bitcoin, Nexo