Corrections are necessary and are vitamins for its bull run.
I am not surprised if Bitcoin has a big correction and fall down to about $52,000 to trigger a Long Squeeze before it rises up sharply to trigger a Short Squeeze and the bull run will continue to its discovery phase.
After that, we will see a parabolic phase for Bitcoin. Newbies will join more aggressively in Euphoria phase psychologically.
I really doubt if Bitcoin will be able to reach 52,000$ as it will be a big correction. Since the investors are buying Bitcoin
BTC for the long term through the ETF so they are not really interested to sell their bitcoins at cheap prices. So in this scenario when the demand is high and there are fewer bitcoins on exchanges, the chances of a big dump in the bitcoin market are very low. We should consider this when making any prediction for the March Bitcoin price at freebitco.
Most people are anticipating the price between 70,000$ to 80,000$ by the end of the match. This is 41% of the bets in this range and this can be seen on freebitco. The current price of Bitcoin is under 70K. There are still 15 more days for March to end but seeing the price under 70K for those who have placed the bet on over 70K, is not a nice figure for them.
I believe that as long as we end up back on top, corrections are definitely part of the market. However, what people do not realize is that we are talking about a situation where sometimes we do not know if we are in a correctio nor a crash.
When it is happening, it is not as easy to figure it out .Obviously this one was easy to see, because it recovered quickly, in fact, I didn't realized it went under 70k after it was already over 70k again. By the time I checked and saw the news, it was already back above 70k, so it didn't really require me to see something. However, sometimes it takes longer and that causes the situation to be a little different, we end up with something that takes a while and causes a lot of trouble for a lot of people.