Bitcoin Investors Remain Unmoved Despite BTC Drop Below $60,000, The Worst Is Almost Over
01 Maio 2024 - 5:00PM
NEWSBTC
On Wednesday, Bitcoin sharply declined, dropping below the crucial
$60,000 support level. Despite this recent market downtrend,
Bitcoin investors remain confident as they believe the flagship
crypto can still reach new heights in this market cycle. Some say
this might be what Bitcoin needs before making another parabolic
run to the upside. Bitcoin’s Decline Is Nothing To Be Scared
Of Raoul Pal, the CEO of Real Vision, reassured in an X (formerly
Twitter) post that Bitcoin’s recent price decline was not unusual,
stating it was “pretty ordinary stuff.” He also pointed out that
this was Bitcoin’s fourth 20% correction in the past 12 months,
underscoring how normal these price movements are.
Related Reading: Crypto Funds Mark 3rd Consecutive Weeks Of
Outflows With $435 Million In Withdrawals Source: X Alex Thorn,
Head of Research at Galaxy Digital, had previously warned that
price declines of such magnitude were to be expected, stating that
“bull markets are not straight lines up.” He noted that the same
thing happened in the 2021 and 2017 bull runs when Bitcoin
experienced about 13 price drawdowns of over 10% or more.
Meanwhile, crypto analyst Rekt Capital claimed in an X post that
“this is exactly what the cycle needs to resynchronize with
historical price norms and the traditional Halving Cycle.” He
added, “The longer this goes on, the better.” In another X post, he
reassured his followers that Bitcoin is getting closer to its final
bottom with each passing day. Like Rekt Capital, crypto
analyst Mikybull Crypto also sounded confident that Bitcoin’s
recent decline was just a part of the bigger picture for its move
to the upside. They claimed this would be the “final shakeout
before up, only rally to a cycle top.” Thomas Fahrer, the CEO of
Apollo, also shared his bullish sentiment towards Bitcoin, as he
suggested that the crypto token’s volatility is what makes it a
great investment. “Price might fall to $40K, but it might rise to
$400K. That’s just how it is, and it’s a great bet. Bitcoin is
still the best asymmetric opportunity in the market,” he wrote on
X. Bitcoin Bull Run Is Far From Over Crypto analyst Ali
Martinez suggested that Bitcoin’s bull run was far from over while
comparing Bitcoin’s current price action to the last two halving
events. According to him, Bitcoin consolidated for 189 and 87 days
around the halving in 2016 and 2020, respectively, before the bull
run resumed. Source: X He further noted that Bitcoin has only
consolidated for 60 days this time around, meaning that the
flagship crypto will continue its run eventually. In a subsequent X
post, the analyst stated that Bitcoin might be 538 days away from
hitting its next market top if it follows its trend from the
previous two bull runs. Related Reading: Ethereum Flashes Bullish
Signals, Can It Rally 50% From Here? Before now, Martinez mentioned
that Bitcoin could rise to a new all-time high (ATH) of $92,190 if
it breaches the resistance level of $69,150. At the time of
writing, Bitcoin is trading at around $59,600, down over 5% in the
last 24 hours, according to data from CoinMarketCap. BTC price
succumbs to bears | Source: BTCUSD on Tradingview.com Featured
image from CriptoFacil, chart from Tradingview.com
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