In the midst of the Wednesday morning Asian trading session, Bitcoin prices have dipped below crucial support levels, signaling a deepening correction. BTC prices plummeted to a two-month low of $59,130 on May 1st, coinciding with a public holiday for most of Asia. This marks the first time Bitcoin has reached such lows since the end of February, during a period of bullish momentum.

As the correction unfolds, analysts are closely monitoring the next levels and anticipating the bottom of this expected market downturn. Despite the significant pullback of nearly 19.8%, industry analysts and experts remain unperturbed. Raoul Pal, founder and CEO of Global Macro Investor, notes that this is the fourth correction of such magnitude in the past 12 months. Moreover, historical data suggests that corrections in previous bull market cycles have been even more substantial, indicating the possibility of further declines before gains resume.

Crypto analyst 'Cold Blooded Shiller' suggests that lower levels could lead to a full 30% retracement from the high, with bears currently in control. A decline to $52,000 from the mid-March all-time high is not out of the question. Similarly, Charles Edwards, founder of Capriole Fund, emphasizes that corrections are normal in this asset class, suggesting that investors need to be prepared for downside risk.

The broader market is also feeling the impact of the downturn, with total market capitalization taking a 6.4% hit over the past 24 hours, resulting in approximately $135 billion leaving the space. Altcoins are bearing the brunt of the decline, with Ethereum experiencing a 6.6% drop below the psychological $3,000 level. Other altcoins such as Solana, Dogecoin, Shiba Inu, Avalanche, Bitcoin Cash, and Near Protocol are also witnessing significant losses in the current market downturn.

Overall, the market sentiment remains cautious amid the ongoing correction, with investors closely watching for signs of stabilization and potential buying opportunities.