Bitcoin's price recently encountered significant selling pressure, dropping to around $58,900 following surprising US inflation data. Despite a rebound to $60,600, concerns persist.
Legendary trader Peter Brandt foresees the potential for a substantial 75% price correction from the current levels, highlighting ongoing market volatility.
Amid these concerns, investors are hopeful that China's proposed $283 billion economic stimulus package may offer some relief or positive momentum for Bitcoin and the wider cryptocurrency market.
The impact of the stimulus on Bitcoin remains uncertain, but market participants are closely watching global economic developments.
