Young Ju referenced Bitcoin’s 2021 historic bull run, which saw BTC soar from $17,000 to $64,000. He emphasized that several sharp corrections saw prices decline by as much as 30%.
He noted that this remains a natural part of Bitcoin’s price movement, even during an upward trend.
The CryptoQuant CEO clarifies that his update does not predict a looming price correction. Rather, it is a general observation of the Bitcoin market’s volatility. Notably, pullbacks occur naturally and can happen even when prices are rising.
Young Ju refers to this as the “local bottom,” which could offer opportunities for those with long-term perspectives.
Although Young Ju insists that Bitcoin is still in a bullish phase, as of this writing, BTC has lost 4.94% of its value in the last 24 hours and now trades at $93,743.31.
Before rebounding, the coin dipped to $92,410 in earlier trading. Despite these fluctuations, trading volume has risen by 54.20% to $88.72 billion, indicating that some investors have not given up on the coin’s potential.
Nevertheless, these fluctuations have triggered panic among other investors, who have started dumping to minimize potential losses should the price decline further.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
