According to a pseudonymous cryptocurrency trader, Teddy, the ongoing correction in Bitcoin's price could be nearing its end, with a potential rally expected in the coming weeks. Teddy's analysis suggests that the market has historically bottomed out at the 21 weekly Exponential Moving Average (EMA), indicating a possible bottom at $61,000. Currently, Bitcoin is trading at $61,500, after briefly dipping below $61,000.

While Teddy's analysis suggests a potential rally, other factors indicate that the market may experience further downturns. CryptoQuant has reported low stablecoin liquidity and weak Bitcoin demand growth from large investors, suggesting a lack of bullish momentum in the market. Additionally, U.S. Bitcoin and Ethereum investors, typically major drivers of rallies, have shown weak demand growth. The U.S. spot Bitcoin exchange-traded fund (ETF) market has experienced consistent outflows since June 13.

Despite the optimism, Bitcoin miners have not yet capitulated, continuing to offload their assets due to increasing operational costs, hash rates, and pressures. Analysts expect weaker miners to "die" and hash rate to recover before Bitcoin can resume its upward movement. This could lead to further price drops before the market bottoms out.

Teddy's analysis is based on historical trends, and if the pattern repeats, Bitcoin could bottom at $61,000 soon. However, the current market conditions and lack of bullish momentum suggest that the correction may not be over yet. As the market continues to evolve, it is essential to keep an eye on these factors to determine the next move for Bitcoin.

In conclusion, while Teddy's analysis suggests a potential rally, the market conditions indicate that the correction may not be over yet. Bitcoin's price could drop further before bottoming out, and the market may need to wait for miners to capitulate and hash rate to recover before the next upward move.