Expert Identifies Target of Bitcoin’s Current Correction

The sell-off in Bitcoin could potentially serve as a “healthy” retest of the $73,835 level breached in November. The downward momentum may wane as it approaches this mark, laying the groundwork for more substantial growth, according to CoinDesk.

Experts suggest the current decline resembles a classic breakout and retest, which often leads to significant rallies.

The return of quotes to the breakout point before resuming an upward trend is rooted in the behavioral aspects of investing. Traders quickly lock in profits, explaining the abrupt halt in the upward trend following a breakout.

Since December, holders of the first cryptocurrency have been cashing out after reaching triple-digit marks, the publication noted.

As the price returns to $73,835, traders who missed the initial rally enter the market, ensuring the level’s stability. The rebound attracts buyers, potentially leading to positive momentum.

A similar situation was observed in the third quarter of 2023 and in August-September 2020.

CoinDesk warned that a failed retest or lack of a bounce indicates hidden weakness, which could transition into a full-fledged downtrend. Such examples also find confirmation in market history.

Former BitMEX CEO Arthur Hayes suggested that the rate could drop below $80,000 over the weekend.

We are making lower lows in this current wave. I was tempted to add risk this morning, but looking at this price action I think we have one more violent wave down below $80k, most likely over the weekend, then crickets for a while. Hold on to your butts! pic.twitter.com/e6nshZejAb

— Arthur Hayes (@CryptoHayes) February 28, 2025

“Hold on to your butts!” advised the expert.

In February, Hayes suggested the asset’s price could fall to $70,000 due to outflows from exchange-traded funds.

CryptoQuant CEO Ki Young Ju confirmed he remains bullish due to expectations of a continued bull run.

I’m bullish. The bull cycle is not over.

The cycle I’m referring to includes a potential 30% drawdown at some point. If the price drops significantly below 75K, I’d be wrong.

I didn’t change my stance—I’ve been consistent about the bull cycle and the possibility of a 30%…

— Ki Young Ju (@ki_young_ju) February 28, 2025

“The cycle includes a potential 30% drawdown at some point. If the price drops significantly below $75,000, I’d be wrong. I remain committedto my position,” he wrote.

The specialist predicted a prolonged consolidation within a broad range (e.g., $75,000-100,000), as observed in early 2024. This may remain relevant until positive news for Bitcoin brings in new liquidity, concluded the CryptoQuant CEO.

#Bitcoin spot volume was highly active around $100K.

In distribution phases, prices drop when new liquidity dries up. The key question regarding whether the BTC market will face years of bear markets is: Where will fresh liquidity come from?

We’ll likely see an extended… https://t.co/orwYq8nvMD pic.twitter.com/3PQ40r08J3

— Ki Young Ju (@ki_young_ju) February 28, 2025

Recently, the cryptocurrency fear and greed index fell to a low of 10 points, the lowest since June 2022, corresponding to the extreme panic zone.

According to Binance CEO Richard Teng, the dip in digital assets is temporary and will not last long.