Is this Bitcoin move a correction, and will we return to the $50K level?

Projections for the next Fed rate decision in September currently show a higher probability of a rate hike rather than rates remaining unchanged, while U.S. inflation remains elevated. From a technical perspective, this move may have been nothing more than an emotional weekly candle, while the market is currently in extreme greed. On the higher timeframe, we still have lower highs and lower lows. Until a bottom is confirmed and a new high is broken, this move can still be considered a higher-timeframe cycle correction, with the potential to revisit lower levels.