Wednesday, Bitcoin It fell sharply, falling below The critical support level is $60,000. Despite this recent downtrend in the market, Bitcoin investors remain confident as they believe that major cryptocurrencies are still accessible. new Horizons In this market cycle. Some say this may be what Bitcoin needs before making another parabolic move to the upside.
Bitcoin's decline is nothing to be afraid of
Raoul Pal, CEO of Real Vision, is reassured at X (formerly Twitter) mail The recent Bitcoin price drop was not unusual, noting that it was “a very normal thing.” He also noted that this was specific to Bitcoin Fourth correction 20% Over the past 12 months, which confirms how normal these price movements are.
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Source: X
Alex Thorne, Head of Research at Galaxy Digital, said: Previously warned He said declines of this magnitude were expected in prices, noting that “bull markets are not straight lines.” He pointed out that the same thing happened in… Bull Racing 2021 and 2017 When Bitcoin has seen about 13 price pullbacks of more than 10% or more.
while, Crypto analyst Rekt Capital claimed in Share X “This is exactly what the cycle needs to re-synchronize with historical price norms and the traditional half cycle.” “The longer this lasts, the better,” he added. In another Share XHe reassured his followers that Bitcoin is getting closer to its final bottom with each passing day.
Like Rekt Capital, cryptocurrency analyst Mikybull Crypto also seemed confident that Bitcoin's recent decline was just part of the bigger picture of its move to the upside. They claimed that this would be “the last jolt before the rally, just the rise to the top of the cycle.”
Apollo CEO Thomas Fuhrer also shared his bullish sentiment on Bitcoin, noting that the cryptocurrency symbol's volatility is what makes it a great investment. “The price might go down to $40,000, but it could go up to $400,000. That's exactly the case, and it's a great bet. Bitcoin is still the best asymmetric opportunity in the market.” books On X.
The Bitcoin Bull race is not over yet
Cryptocurrency analyst Ali Martinez Proposal The uptrend for Bitcoin is not over yet when comparing the current price movement of Bitcoin with the last two movements Half events. According to him, Bitcoin consolidated for 189 and 87 days around the halving in 2016 and 2020, respectively, before resuming the uptrend.
Source: X
He also noted that Bitcoin has only been standardized for 60 days this time, meaning the flagship cryptocurrency will eventually continue to run. Later Share XThe analyst stated that Bitcoin could be 538 days away from reaching its level Next market top If it follows its trend from the previous two upward marches.
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Before now, Martinez Mentioned That Bitcoin could rise to New all-time high (ATH) at $92,190 if it breaks the $69,150 resistance level.
At the time of writing, Bitcoin is trading at around $59,600, down more than 5% over the past 24 hours, according to Data From Coin Market Cap.
BTC price succumbs to bears | Source: BTCUSD on Tradingview.com
Featured image from CriptoFacil, chart from Tradingview.com
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