In my opinion, although there is a deep correction in the current bitcoin price, fundamentally Bitcoin has not yet entered a bearish phase. Moreover, in recent weeks bitcoin market cap has not experienced a significant slump. The current selling action that makes the price of bitcoin plummet because it is dominated by new investors, not old investors. However, if you look at the on-chain structure, it seems that bitcoin price recovery is unlikely to happen quickly and will take the next few months.
So does it mean that this current price correction will be more extended? Actually, no one knows exactly how far this correction can go. What we have are just speculations since we are only basing mostly from its history, and anything could happen either based on our own speculation or the opposite way. But let’s not make this a barrier that we can’t make profits this time. Of course, we can still take advantage from the current correction by buying bitcoin and solid altcoins in their low prices. This may be risky as it is as the price could still go lower but as long as our intention is to hold them for long, then price corrections do not matter at all.
bitcoin is undergoing a long correction after yesterday the market price was able to penetrate the highest price of $68k and there was a very significant correction so that the price fell to the price of $56k. bitcoin price is still holding between $ 55k to $ 57k. market prices really need support from new investors in order to bounce back and hope to penetrate the new ATH again.
After a long time Bitcoin stabilized at a price of $55k-$57k, finally Bitcoin surprisingly dropped to a price below $50k. This really surprised me,
because I thought that in December Bitcoin could recover and go back above $60k. But my prediction was wrong and it disappointed me enough,
even though my prediction was wrong, I still hope Bitcoin will recover in the near future. Since we know how far the price of Bitcoin goes down
it will always be able to recover and go higher, at least I hope Bitcoin won't drop below $45k this year. Now I have accepted the possibility that
until the end of the year Bitcoin will not return to the ATH price, but I believe in 2022 Bitcoin will reach new ATH, so I'm still optimistic about
the future of Bitcoin and decided to hold Bitcoin until my target is achieved.