Bitcoin’s dip to $29k may be a healthy correction based on historical trends

quick take

• Bitcoin is down 3.5% today, down to $29,000. However, these liquidation cascades are normal for cryptocurrencies, not to mention emerging from bear markets.
• Looking at the cost base, the previous bear market chart highlighted in purple shows the greatest pain for short-term holders when realized prices fall below realized prices.
• However, it is emphasized that if the price of Bitcoin falls, it will break out of the bear market bottom.
• This cycle is no exception. Again, bitcoin price rose but saw multiple corrections. This can be seen as healthy for Bitcoin to continue.

Bitcoin’s plunge to $29,000 could be a healthy correction based on past trends that first appeared on CryptoSlate.