Bitcoin has experienced a decrease of approximately 20% in value over the course of the last three months. However, crypto traders remain unaffected, asserting that it is simply a routine correction in the market cycle.
Raoul Pal, the CEO of Real Vision, stated on April 30 that this is the fourth 20% correction in BTC within the past 12 months, describing it as “pretty ordinary stuff.” He compared the current price level to when Bitcoin reached its all-time high of $75,830 on March 14.
Similarly, a pseudonymous crypto trader named Rekt Capital wrote on the same day that this correction is necessary for the cycle to align with historical price norms and the traditional Halving Cycle.
Thomas Fahrer, the CEO of crypto-focused reviews portal Apollo, added that the price of Bitcoin might fall to $40K or rise to $400K, emphasizing that it is a great bet.
As of now, Bitcoin is trading at $59,730 after a 6% drop in the last 24 hours, according to CoinMarketCap data.
Within the past 30 days, Bitcoin’s price has decreased by 15.98%, according to CoinMarketCap.
During a brief period, Bitcoin traded below support levels at $59,097, resulting in the liquidation of $96.5 million in long positions, according to CoinGlass data.
Rekt commented in a separate post on the same day that Bitcoin’s price is gradually approaching its final bottom with each additional 1% decrease.
Ben Simpson, the CEO of Collective Shift, believes that the market is currently in a “lull period” after the recent Bitcoin halving due to a lack of new narratives for traders. However, he remains optimistic about the market’s long-term prospects beyond the next few months.
Other traders have also observed bullish indicators on Bitcoin’s price chart, suggesting a potential breakout in the coming months. Gally Sama, a crypto trader, highlighted the formation of a cup-and-handle pattern on Bitcoin’s price chart, indicating a U-shaped recovery with the handle forming around or above the previous highs.
The overall crypto market has also experienced widespread corrections alongside Bitcoin. Ether (ETH) fell by 7.4%, Solana’s (SOL) dropped by 10.1%, and Dogecoin (DOGE) fell by 10.1%.
According to the Fear and Greed Index, the market decline has led to a decrease in overall investor confidence in the past 24 hours. On May 1, the index score dropped to a “neutral” 54, the lowest it has been in three months, declining 13 points from the “greed” score of 67 on April 30.
It is important to note that this article does not provide investment advice or recommendations. Readers should conduct their own research before making any investment or trading decisions.