Bitcoin’s Decline Is Nothing To Be Scared Of
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
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.
