Is Crypto The 'Wild Card' Eyeing New Peaks? Bitcoin Currently 39% Lower From 2021 High

While there may be expectations for a Bitcoin (CRYPTO: BTC) correction, a group of analysts also believe that there might be no correction or in case of a correction, it will be too shallow to impact.

Crypto analysts foresee Bitcoin peaking to newer heights based on multiple factors. 

What Happened: Finder cryptocurrency analyst James Edwards termed cryptocurrency as nothing but a "wild card," adding, "when logic dictates a correction to occur, that doesn’t necessarily mean it will happen when it comes to crypto," as reported by Cointelegraph.

Ryan McMillin, the chief investment officer at Merkle Tree, said with more than 100 days in Bitcoin seeing a correction, the risk was high of seeing one. However, this was optimistically balanced with the most anticipated spot ETF launch.

Crypto lawyer Joe Carlasare said, “Why would any big sellers appear when we’re weeks away from likely approval?”

CK Zheng, co-founder of cryptocurrency investment firm ZX Squared Capital said, “We expect any market pullback will be shallow as the fundamentals for Bitcoin are greater than ever.”

BTC Price Action: At the time of writing, Bitcoin is changing hands at $41,723 with a 109% surge in the past 24 hours trading volume and a 6% expansion in market cap. While the maximum supply of Bitcoin stands at 21 million, the total and circulating supply stands at 19.56 million.

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39% Lower From 2021 Highs: Bloomberg Intelligence Analysts staked the odds of the SEC approving a Bitcoin ETF in January at 90%, sparking optimism for BTC prices to cross record high levels. With the approval and a Bitcoin halving event in April 2023, prices might cross the $60,000 threshold if the rate of increase is seen at current levels.

The market was currently around 39% lower than the $68,000 levels BTC witnessed in late 2021.

Bitcoin analyst Willy Woo took to X and said, “The first commodity ETF was SPDR Gold Trust. It provided a simple way for investors to access gold in their portfolios. When it launched gold went on to an eight-year rally with no single down year between 2005–2012.”

Read More: EXCLUSIVE: Bitcoin Halving Looms — Miners Strategize To Weather The Storm

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