Throughout the past few days, Bitcoin and the broader cryptocurrency market have experienced considerable declines. BTC tumbled toward $60K before recovering and crashing again, while most of the altcoins followed suit.similar retrace patterns since the 2022 bear market bottom, witnessing 20% drops and one 18% retrace on one particular occasion.
Bitcoin’s current pullback — which the analyst estimates at 16% — almost equals the lows of the -18 % retrace that occurred earlier in March of this year. Each pullback was succeeded by a significant surge in price.Bitcoin is going through a routine move. Since the beginning of the 2024 cycle, shakeouts have occurred several times, followed by a price surge.
“In 2017 and 2020 leading up to ATHs MVRV faced some difficulty at this exact point. Our position still lines up perfectly for a cycle top that is one year accelerated in December 2024.”April 13, 2024 The consensus between analysts and market observers is that these types of pullbacks are “normal,” as history shows that BTC’s price hasAI Will be One of those Areas Where Blockchain has Genuinely Improved: Flare Network’s CEO Hugo Philion One Weekly Email Can Change Your Crypto Life.Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments.
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