Sunday, 3 March 2024

Crypto News

Bitcoin price correction hints start of altseason, trader suggests

Bitcoin price correction hints start of altseason, trader suggests

The Bitcoin (BTC) price recorded a sharp correction on Dec. 11, dipping 7% and wiping out the gains of the past seven days. The strong price correction pushed BTC to a four-month low of $41,329.

A decline in prices of altcoins followed the Bitcoin price correction, many of which recorded double-digit drops. However, market pundits and analysts believe the recent price crash is a part of the ongoing price cycle, and after two months of bullish surge, a correction is no surprise.

Crypto analyst and co-founder of Reflexivity Research Will Clemente said that correction and market volatility shake out weak hands and cool the highly leveraged crypto markets.

Crypto trader Remen wrote in an X post that he believes the recent dump could push altcoins into another bull run. He added that it will take a long period of chops for Bitcoin to resume an uptrend as Bitcoin dominance has topped out.

The sharp market decline earlier on Monday also liquidated over $400 million of crypto leveraged positions, clearing the market. However, Bitcoin price has since recovered above $42,000.

Related: Bitcoin dominance threatens ‘likely top’ despite BTC price eyeing $45K

BTC price momentum started in October and helped the world’s top cryptocurrency make significant strides, gaining nearly $10,000 in the past month. Hitesh, another crypto analyst, pointed toward the price breakout of BTC after nearly six months of sideways price action.

BTC price has gained 50% since the price breakout toward the end of October. Hitesh pointed towards the on-chain data suggesting that accounts with over 1 BTC continuously bought BTC, and whales were accumulating. The institutional inflow and rising interest of financial giants amid a push for the first spot in Bitcoin ETF has built the right momentum for BTC before the key event of Bitcoin reward halving in April 2024.


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