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Bitcoin volatility remained extremely low for days, and Bitcoin’s price rose without much downward movement, causing the BTC to plunge suddenly by several percent over the past 20 minutes, falling to $ 9,800. Although this move is rather flat in view of the constantly fluctuating development of Bitcoin, analysts fear that a major correction on the horizon can be expected.
Is there a major correction for Bitcoin?
The current candle on the BTC’s 12-hour chart, which will close in just two hours at the time of writing, is a bearish candle associated with massive volume. That means this slump may end Bitcoin’s crazy surge in the past week and mark the beginning of a deeper correction, which could potentially cause the BTC to drop to a $ 9,000 low.
The full-time analyst Cold Blooded Shiller has also followed this fact. On Twitter, he wrote that he “is likely to buy some BTC at $ 7,700,” suggesting that he expects the price of cryptocurrencies to suffer a dramatic slump regardless of progress.
After the minimal crash, Bitcoin continues to advance
Well-known trader Parabolic Thies said that Bitcoin’s recent decline can be expected, citing the assumption that assets will decline after strong upward moves. There is no cause for concern, he added, as the $ 8,800 low continues to be maintained on a daily and weekly basis, making this sudden crash just a small setback in a major upward trend for Bitcoin. Numerous analysts have joined this cheerful mood in the past few days and have made statements such as “Dips are for sale”.
Bitcoin’s volatility has made business a problem for investors. But when the money flows, it seems that any asset can find fans. It remains to be seen whether this is related to fear in other industries or the hope of a return.
Image source: depositphotos / sinenkiy
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