Quote from: OgNasty on Today at 04:12:06 AM

Quote from: tread93 on Today at 03:11:13 AM

Quote from: larry_vw_1955 on August 04, 2024, 11:59:45 PM

The price of bitcoin (BTC) fell below the $59,000 threshold on Sunday, hitting a low of $58,080 per unit. Over the past 24 hours, bitcoin’s value has decreased by 3.5% against the U.S. dollar, and it has dropped 13% over the week.

https://news.bitcoin.com/market-mayhem-bitcoin-crashes-below-59k-223m-in-liquidations-as-south-koreas-premium-spikes/

if bitcoin keeps having these type of "corrections" i don't see how it ever is going to reach $1 million. or even $100,000.

Haha these media folks who make the commentary like this haven’t the faintest idea how it even works. Bitcoin is up trending year over year and it may take a while but 100k is very VERY close!

Ya, corrections are nothing new. Every cycle you can see on the chart that multiple 30% corrections along the way has been how Bitcoin has always acted. Sure, there are plenty of concerns and ways that Bitcoin can fail, but corrections like we're seeing now are not a sign of it. In fact, you could make the argument that it is a signal the market is working efficiently and removing excess leverage at every opportunity. That isn't a bad thing for the health of a market.

I am absolutely right, because the cryptocurrency trading market is actually a living mechanism. It contains everything, and the psychology of people, and greed, and news of the world and cryptocurrencies. The price of Bitcoin is the quintessence of the entire news background, seething. And of course, it cannot but experience corrections. It would be strange if the Bitcoin chart only grew and grew, it would look like a fraud or a Ponzi.