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BlockNews
Home CRYPTO

Bitcoin Drops 12% After Hitting a New All Time High, But Its Okay?

Gary Ponce by Gary Ponce
March 6, 2024
in CRYPTO
Reading Time: 2 mins read
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  • Bitcoin reached a new all-time high of $69,170 on Tuesday before plunging 12% to $60,000, though such volatility is expected during bull markets.
  • According to experts, the steep drop is normal and healthy as Bitcoin consolidates before attempting to break out to new highs again, a pattern seen previously.
  • Despite short-term turbulence, analysts remain bullish on Bitcoin’s long-term trajectory given growing adoption and see dips as buying opportunities.

Bitcoin reached a new all-time high of $69,170 on Tuesday morning, sparking euphoria in the crypto community. However, the price then went into freefall, plummeting 12% to just above $60,000 in five hours. While concerning, such volatility is expected after reaching historic highs.

Major Corrections Common in Bitcoin Bull Markets

According to experts, the steep drop is normal and healthy for an asset in the midst of a bull market. Looking at Bitcoin’s climb to its previous all-time high of $20,000 in 2017, there were 13 corrections of 12% or more, 8 of which were over 15%. From March 2020 to April 2021, there were also 13 corrections of 10% or more during Bitcoin’s rise.

JUST IN: #Bitcoin movement today 👇

• Peaked at $69,300

• Dumped to $59,300

• Now trading at $64,000

Where do we go from here?

— BlockNews.com (@blocknewsdotcom) March 6, 2024

Bitcoin Likely to Consolidate Before Next Major Leg Up

Analysts say Bitcoin will likely consolidate and trade sideways for some time before definitively breaking through to new highs again. This consolidation period allows the market to cool off and build a base for further gains. The pattern of retesting prior highs before breaking out was also seen in late 2020.

Long-Term Bull Case for Bitcoin Remains Strong

Despite the turbulence, experts remain optimistic about Bitcoin’s long-term trajectory. The approval of Bitcoin ETFs and growing institutional adoption provide fundamental support. While volatility will persist, analysts view any major dips at these levels as buying opportunities for investors with a long-term perspective.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: BitcoinBitcoin ETFBlockchaincrypto
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Gary Ponce

Gary Ponce

Gary has been active in the crypto space since 2019, developing hands-on experience in trading, airdrop hunting, and identifying emerging narratives in low-cap tokens. For over four years, he has contributed research and editorial content with Aiur Labs and BlockNews, focusing on market analysis and community insights. His work reflects both transparency and independent reporting, with an emphasis on simplifying complex ideas for readers. Gary is a long-term believer in Bitcoin, Sui, Hype, Litecoin, XRP, AVAX, and select meme tokens, combining personal trading knowledge with professional editorial standards.

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