Bitcoin (BTC) has seen the lowest levels of the last two months. The flagship cryptocurrency, which fell below $ 50 thousand, is currently hovering around $ 47 thousand, 48 thousand.

Before Bitcoin lost the critical support level of $50,000, Katie Stockton, founder and managing partner of Fairlead Strategies, LLC, said:

   “Support near $53,000 is also important to us, but it's still solid so far,”

But later on, BTC lost these support points as well. According to the manager, the sharp correction that occurred today may be related to the loss of momentum in stocks after the worry caused by the global economy. William Noble, chief technical analyst of research platform Token Metrics, also pointed to the $53,000 level. According to the analyst, it was a key point that would act as support for BTC. Noble said;

   “When stocks reopen on Monday, selling with Bitcoin can start again. If stocks drop, there could be another drop in all risk assets, including cryptocurrencies.”

Brett Sifling, investment advisor of Gerber Kawasaki, Wealth & Investment Management, also evaluated the correction in Bitcoin. Kawasakki stated that the assessment of other analysts is correct and he expects Bitcoin to find support at the level of $50,000 to $53,000.

Kawasaki used the following statements;

   “People psychologically love to place buy/sell orders at limit numbers like 50 thousand dollars. The same level was an earlier resistance point and is now being tested as new support.”

also said;

   “If we fail to hold the $50 to $53,000 level, we also see support at $45,000 and $40,000.”

Kiana Danial, CEO of Invest Diva, touched on what could happen if Bitcoin continues on its way with the current support. The analyst stated that BTC has formed a double-top bearish chart pattern in the daily chart pattern and said:

   “The future Ichimoku cloud looks bearish. Confirmation of a break below this level (around $53,000) could indicate more bearish moves that could push Bitcoin price down towards the 50% and 61% Fibonacci retracement levels around $49k and $44,000, respectively. Keep in mind that such volatility is normal for cryptocurrencies like Bitcoin. Once the pullback is complete, Bitcoin is likely to bounce back and reach new highs in the new year.”

Shiliang Tang, chief investment officer of cryptocurrency investment manager LedgerPrime, also showed a bullish bias, claiming that this latest pullback is definitely positive for Bitcoin's future price action.

Tang said:

   “This drop has certainly followed the drop in stock prices that we see as a result of Covid fears and concerns about inflation. However, while the crypto and equity markets tend to fluctuate together, they are different markets and crypto in particular is in a strong bull cycle. Also, Bitcoin is in a bull run. The on-chain metrics are still strong. This means that once this correction is over, we should see a supply shock where the Bitcoin price explodes."