It appears like Bitcoin's (CRYPTO: BTC) price is either getting ready for another surge or a sudden decline that would frighten away those who aren't prepared.
The price is currently hovering just below its all-time high. Dropping below $60,000 would represent a 17% decline from Monday's price of over $72,000.
Bitcoin still has plenty of time to drop below $60,000 before the next halving, which is only a few weeks away. But I still wouldn't be concerned even if that were to happen. Bitcoin prices below $60,000 are practically welcomed in my book.
The Bitcoin market is prone to large corrections. The price of Bitcoin is notoriously unpredictable. There is evidence that its volatility has been decreasing over time, although even in bull markets, it can still experience abrupt shifts.
Think back to the last bull market. Over the course of 2020 and 2021, Bitcoin saw multiple 20% declines before eventually rising to its previous all-time high of over $68,000
In hindsight, the bull market that occurred between 2016 and 2017 was considerably more severe. There were four 40%+ retreats. Following a comparable event in this bull market, Bitcoin's current price might fall below $40,000 to $50,000.
One pattern has emerged during all of Bitcoin's corrections. Regardless of how severe the correction was, Bitcoin always managed to recover and reach new heights.
Among the many possible explanations, the one that provides the clearest picture of Bitcoin's enduring strength is its one-of-a-kind fundamental characteristics. When it comes to digital currencies, Bitcoin is king. It goes far farther than that; it's probably the strongest and longest-lasting currency ever made.
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