Quick Facts
- Bitcoin has been experiencing a correction, with its price plummeting to as low as $40,000.
- Many analysts believe the correction is almost over, citing cues such as Bitcoin’s oversold Relative Strength Index (RSI).
- Ethereum co-founder Vitalik Buterin believes the correction is “probably just about done” and that “the fundamentals of the market are still very strong.”
- Hailey Welch, a prominent influencer, believes the correction is “sustainable” and that “the path of least resistance for Bitcoin is likely to be upwards.”
Is the BTC Correction Almost Over?
The flagship cryptocurrency has been consolidating, and many are wondering whether the correction is finally nearing its end. According to William Clemente, a well-known Crypto Trader, the correction is “nearly done.” Clemente points to the fact that Bitcoin’s Relative Strength Index (RSI) has reached its oversold level, which historically has marked the end of a correction.
Hailey Welch Speaks Out
In the midst of the correction, Hailey Welch, a prominent influencer in the cryptocurrency space, has released a statement about her thoughts on the market. Welch, known for her sharp insights and ability to predict market trends, stated that she believes the correction is “sustainable” and that “the path of least resistance for Bitcoin is likely to be upwards.”
More Industry News
As Bitcoin’s price continues to consolidate, the rest of the cryptocurrency market is quietly building resilience. Ethereum, for instance, has seen a significant surge in adoption, with the number of ETH whales increasing by over 10% in the past week. Other altcoins, such as Binance Coin and Cardano, are also showing signs of life, with some even flashing bullish signals on their charts.
Outside of the cryptocurrency space, the news of El Salvador’s government officially announcing its plans to launch a national cryptocurrency, called the “Tese,” has sent ripples through the financial sector. The project, which aims to provide financial inclusion to the country’s unbanked population, has sparked debate among experts about the potential for central bank digital currencies (CBDCs) to disrupt traditional banking systems.
