Bitcoin experiencing ‘shakeout,’ not end of 4-year cycle: Analysts
Analysts are calling Bitcoin’s over 22% correction a temporary price “shakeout” ahead of the next leg up in the Bitcoin market cycle.
Bitcoin’s historic bull cycle remains intact despite widespread investor concerns over the current downturn, which analysts suggest may be just a temporary “shakeout” before the next upward move in the market.
Bitcoin’s (BTC) price is currently down 22% from its all-time high of over $109,000 recorded on Jan. 20, on the day of US President Donald Trump’s inauguration, Cointelegraph Markets Pro data shows.
Despite investor sentiment dropping into “Extreme Fear” multiple times, historic chart patterns suggest that this may just be a price shakeout — a sudden price drop caused by multiple investors exiting their positions, preceded by a sudden price recovery.
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Author: Zoltan Vardai
