On Wednesday, Bitcoin fell sharply, below crucial support level at $60,000. Despite this recent market downtrend, Bitcoin investors remain confident as they believe the flagship crypto can still achieve new heights in this market cycle. Some say this may be what Bitcoin needs before it takes another parabolic flight to the upside.
Bitcoin’s decline is nothing to fear
Raoul Pal, the CEO of Real Vision, reassured in an X (formerly Twitter) after that Bitcoin’s recent price drop was not unusual and that it was “pretty normal stuff.” He also pointed out that this was from Bitcoin fourth correction of 20% over the past twelve months, underscoring how normal these price movements are.
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Source: X
Alex Thorn, head of research at Galaxy Digital, had that warned earlier that price declines of such magnitude were to be expected, stating that “bull markets are not straight lines to the upside.” He noted that the same thing happened in the Bull runs of 2021 and 2017 when Bitcoin experienced approximately 13 price drops of over 10% or more.
In the meantime, crypto analyst Rekt Capital claimed in one X message 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 messagehe assured his followers that Bitcoin is getting closer to its final low every day.
Like Rekt Capital, crypto analyst Mikybull Crypto also sounded convinced that Bitcoin’s recent downturn was just part of the bigger picture of its move to the upside. They claimed this would be the “last shakeout before we go up, just 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 makes it a great investment. “The price could go down to $40,000, but it could go up to $400,000. That’s just how it is, and it’s a great gamble. Bitcoin is still the best asymmetric opportunity on the market,” he says 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 of 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, meaning the flagship crypto will ultimately survive. In a sequel X messagethe analyst stated that it might take 538 days for Bitcoin to reach its peak next market top if it follows the trend of the previous two bull runs.
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Until now, Martinez named that Bitcoin could rise to one new record ever (ATH) of $92,190 if it crosses the $69,150 resistance level.
At the time of writing, Bitcoin is trading around $59,600, down more than 5% in the past 24 hours. facts from CoinMarketCap.
BTC price succumbs to bears | Source: BTCUSD on Tradingview.com
Featured image of CriptoFacil, chart from Tradingview.com
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