Pros say Bitcoin’s ‘very healthy’ correction ‘builds ground for more stable growth’

Bitcoin’s price tumbled below a key support level, but financial experts agree that the correction clears the way for further upside.Bitcoin and the wider cryptocurrency market took a beating in the late ho April 22, and intense selling saw (BTC) price dip below $48,000 in a move that came as a relief to quantitative analysts like PlanB who were worried that the price growth was showing signs of being inorganic. 

Le Rest said that “getting back to this level may trigger a strong downside for the altcoin market as they would have lost all of their recent gains,” potentially leading to a rise in Bitcoin dominance back above 60%.

Le Rest said:

“Either way, this kind of market pullback is very healthy as it contributes to deleveraging market participants and builds ground for a more stable growth.”

Ben Lilly offered an analogy that alluded to traders acting like passengers on a boat to help describe what happened as a “spontaneous synchronization.”

Lilly said:

“When a boat starts to tip, a few people lean first. The more it leans, the more people also lean. Then bam, it tips…”

Reference :

https://cointelegraph.com/news/pros-say-bitcoin-s-very-healthy-correction-builds-ground-for-more-stable-growth

Hits: 22

Author: Priyanka

Leave a Reply

Your email address will not be published. Required fields are marked *