BTC/ISD Daily Chart
Bitcoin price has seen two crashes in less than a week, causing fear to permeate the market space. However, some analysts are maintaining that there is no cause for alarm. Analyst, Dan Held stated ‘Bitcoin has been through far worse. We’re still in a bull run. HOD L Raised fist’.
Twitter analyst, Bitcoin archive stated that the Bitcoin bull market in 2017 had at least 6 corrections of 30-40% which was followed by an average gain of 153%. Cryptotrader and analyst Rektcapital maintains that although Bitcoin is currently in a bull market that doesn’t mean the price won’t pull back to lower levels, stating that ”corrections are a natural, healthy part in any growth cycle”.
The Analyst Listed 5 Facts Over Bitcoin’s Correction:
First, the uptrend is longer than corrections. Second, corrections are normal. Third, every quarter sees at least one strong Bitcoin correction. Fourth, corrections tend to occur at the end of a quarter while some occurred at the beginning of the quarter, and then lastly corrections tend to be -30% to -40% deep.
The sentiment however remains mixed ahead of warnings by analysts at JPMorgan on a sustained bearish action should BTC fail to reclaim the $60,000 level.
Ki-Young Ju, CryptoQuant CEO stated,
“In the short-term, we might have a correction and going sideways in a broad range since the market is over-heated among retail investors.”