On Wednesday, bitcoin decreased drastically, falling below the crucial $60,000 support level. Despite this recent downtrend in the market, bitcoin investors remain confident because they believe the flagship cryptocurrency can still reach bitcoin-breaks-through-69000-setting-new-record/” rel=”nofollow”>new heights in this market cycle. Some say this could be what bitcoin needs before making another parabolic run to the upside.
bitcoin crash is not something to fear
Raoul Pal, CEO of Real Vision, reassured in an x (formerly twitter) bitcoin-breaks-through-69000-setting-new-record/” rel=”nofollow”>mail that the recent bitcoin price drop was not unusual, stating that it was “a pretty common thing.” He also noted that this was the case with bitcoin. fourth correction of 20% in the last 12 months, underlining how normal these price movements are.
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<img decoding="async" class="alignnone size-medium wp-image-606042 aligncenter" src="https://technicalterrence.com/wp-content/uploads/2024/05/Bitcoin-Investors-Remain-Unmoved-Even-As-BTC-Falls-Below-60000.png" alt="bitcoin” width=”460″ height=”201″ srcset=”https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_1c4c57.png?w=512 512w, https://technicalterrence.com/wp-content/uploads/2024/05/Bitcoin-Investors-Remain-Unmoved-Even-As-BTC-Falls-Below-60000.png 460w” sizes=”(max-width: 460px) 100vw, 460px” loading=”lazy” data-recalc-dims=”1″/>
Source: x
Alex Thorn, head of research at Galaxy Digital, had previously warned that price drops of such magnitude were to be expected, stating that “bull markets are not in a straight line.” He pointed out that the same thing happened in the bitcoin-bull-buyers-finally-break-even/” rel=”nofollow”>Bull runs of 2021 and 2017 when bitcoin experienced around 13 price drops of over 10% or more.
Meanwhile, cryptoanalyst Rekt Capital claimed in a x.com/rektcapital/status/1785370455706063233″ rel=”nofollow”>x publication that “this is exactly what the cycle needs to resynchronize with historical price norms and the traditional halving cycle.” And he added: “The longer this goes on, the better.” In other x.com/rektcapital/status/1785371953940791680″ rel=”nofollow”>x publicationHe assured his followers that bitcoin is getting closer to its final bottom every day.
Like Rekt Capital, crypto analyst Mikybull crypto was also confident that bitcoin's recent drop was just a part of the bigger picture of its bullish move. They stated that this would be the “final shakeup before going up, just a rally to the top of the cycle.”
Thomas Fahrer, CEO of Apollo, also shared his bullish sentiment towards bitcoin as he suggested that the volatility of the crypto token is what makes it a great investment. “The price could fall to $40,000, but it could rise to $400,000. That's how things are and it's a big bet. “bitcoin remains the best asymmetric opportunity in the market,” he stated. x.com/thomas_fahrer/status/1785450839815147634″ rel=”nofollow”>wrote in x.
bitcoin bull run is far from over
Cryptographic analyst Ali Martínez x.com/ali_charts/status/1785239938381873522″ rel=”nofollow”>He suggested that bitcoin's bull run was far from over when comparing bitcoin's current price action to the last two bitcoin-bull-market-glassnode/” rel=”nofollow”>Halve events. According to him, bitcoin consolidated for 189 and 87 days around the halving in 2016 and 2020, respectively, before the bull run resumed.
<img loading="lazy" decoding="async" class="alignnone size-medium wp-image-606043 aligncenter" src="https://www.newsbtc.com/wp-content/uploads/2024/05/bitcoin-price.png?w=460&resize=460%2C365″ alt=”bitcoin price” width=”460″ height=”365″ srcset=”https://www.newsbtc.com/wp-content/uploads/2024/05/bitcoin-price.png?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2024/05/bitcoin-price.png?w=460&resize=460%2C365 460w” sizes=”(max-width: 460px) 100vw, 460px” data-recalc-dims=”1″/>
Source: x
Furthermore, he noted that this time bitcoin has only consolidated for 60 days, which means that the flagship cryptocurrency will continue its operation eventually. In a later x.com/ali_charts/status/1785322627696857234″ rel=”nofollow”>x publicationthe analyst stated that bitcoin could be 538 days away from reaching its bitcoin-breaks-through-69000-setting-new-record/” rel=”nofollow”>next market top if it continues the trend of the two previous bull runs.
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Before, Martínez mentioned that bitcoin could reach a bitcoin-breaks-through-69000-setting-new-record/” rel=”nofollow”>new all-time high (ATH) of $92,190 if it breaks the resistance level of $69,150.
At the time of writing, bitcoin is trading at around $59,600, down more than 5% in the last 24 hours, according to bitcoin/” rel=”nofollow”>data from CoinMarketCap.
x/lXCtDhR1/” alt=”Tradingview.com bitcoin Price Chart” width=”3286″ height=”1530″/>
btc price succumbs to bears | Source: BTCUSD on Tradingview.com
Featured image from CriptoFacil, chart from Tradingview.com
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