Bitcoin has experienced a decline of approximately 20% in the last three months, but cryptocurrency traders remain unaffected, stating that it is simply a regular correction in the market cycle.
Raoul Pal, the CEO of Real Vision, compared the current price level of Bitcoin to when it reached its all-time high of $75,830 on March 14 and stated, “This is the 4th 20% correction in BTC in 12 months…pretty ordinary stuff.”
A pseudonymous crypto trader known as Rekt Capital also commented on the correction, stating, “This is exactly what the cycle needs to resynchronize with historical price norms and the traditional Halving Cycle.”
Thomas Fahrer, the CEO of the crypto-focused reviews portal Apollo, added, “Price might fall to $40K, but it might rise to $400K. That’s just how it is, and it’s a great bet.”
Currently, Bitcoin is trading at $59,730 after a 6% decline in the past 24 hours, according to CoinMarketCap data.
Over the past 30 days, Bitcoin’s price has dropped by 15.98%.
Bitcoin briefly traded below support levels at $59,097, resulting in the liquidation of $96.5 million in long positions, according to CoinGlass data.
Rekt commented separately, stating that Bitcoin’s price is “getting closer and closer to its final bottom with each additional -1% to the downside.”
Ben Simpson, the CEO of Collective Shift, believes that the market may be in a “lull period” after the recent Bitcoin halving due to a lack of new narratives for traders. However, he remains optimistic about the market’s long-term prospects.
Other traders have also pointed out bullish indicators on Bitcoin’s price chart, suggesting a potential breakout in the coming months. Gally Sama, a crypto trader, highlighted the forming cup-and-handle pattern on Bitcoin’s price chart and stated that the handle is forming “around or above the previous highs.”
The overall crypto market has also experienced widespread corrections alongside Bitcoin. Ether (ETH) fell by 7.4%, Solana’s (SOL) dropped by 10.1%, and Dogecoin (DOGE) fell by 10.1%.
According to the Fear and Greed Index, the market decline has led to a decrease in overall investor confidence in the past 24 hours. The index score fell to a “neutral” 54 on May 1, the lowest it has been in three months, dropping 13 points from the previous day’s “greed” score of 67.
Please note that this article does not provide investment advice or recommendations. All investment and trading decisions involve risk, and readers should conduct their own research before making any decisions.