The bear market blues return as analysts predict a 30 percent Bitcoin correction to $51,000

The bull market euphoria appears to have come to a screeching halt as the crypto market correction continues and digital assets continue to decline.

On April 16, well-known market analyst “Cold Blooded Shiller” told his 269,000 followers on X that Bitcoin is “still the cloud hanging over crypto.”

BTC has declined 15% since its all-time high on March 14, but historical market cycles have seen corrections of more than 30%.

This could potentially send BTC prices back to around $51,000, which could send the rest of the altcoins into an even deeper freefall.

The correction could deepen

The start of the 2021 cycle saw a 25% correction that caused BTC prices to fall from more than $40,000 to $30,000 in a month. Later that same year, the price also fell by 53%, falling from $63,000 in April to $30,000 in July.

So a 30% drop from $73,000 would bring prices back to the $50,000 mark, which doesn't seem unreasonable given previous market moves.

On April 15, market analyst Willy Woo said that if the support at $58,900 is broken, “we will move into a bear market.”

In the long term, markets are “still weeks away from a real bullish environment,” he added.

Glassnode analyst “Checkmatey” also mentioned bear markets, explaining that they start “when too many people buy too much coin, too much.” However, he remained a little more optimistic, noting that the market does not appear “top heavy.”

Additionally, the Bitcoin Fear and Greed Index remains in the green, meaning it is far too early to call it a bear market given the general sentiment.

Altcoins are bleeding

Analyst Luke Martin noted that many of the altcoins have almost wiped out their six-month gains in just a few weeks. “Some are just 15-20% away from the lows of the bear market cycle,” he added.

Meanwhile, “Rekt Capital” pointed out that there was always a retracement before the halving and this cycle is no different.

At the time of writing, BTC prices were trading down 2.8% on the day at $63,354. The broader market was down 3%, with total capitalization falling to $2.41 trillion as altcoins were hit harder.

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