[Analysis] "Bitcoin's sharp decline is within a typical correction range…May rise after forming support"
Summary
- The recent sharp decline in Bitcoin was analyzed as a typical correction range recurring within the cycle.
- It stated that Bitcoin's price maintains a 'higher low' structure despite large corrections.
- It reported that investors who refrained from emotional responses and maintained a clear strategy achieved better results.
Recently, the leading crypto asset Bitcoin has been experiencing weakness, but analysis says this correction is a typical pattern that repeats within the cycle. Short-term unease has widened, but it is difficult to say the structural trend has been impaired.
On the 22nd (Korean time), Id News reported that crypto analyst Miles Deutscher said, "Bitcoin has recorded multiple drops of more than minus 30% even this year, and this correction is also at a level similar to the correction ranges seen in previous cycles," and explained, "Bitcoin has repeatedly followed a pattern of forming a support after a sharp retracement and then continuing to rise."
According to the chart Deutscher shared, Bitcoin maintains a 'higher low' structure where lows continue to rise even when large corrections occur. He analyzed, "This correction also showed a relatively deep decline over several weeks, but it is a level of volatility commonly seen in expansion phases."
He added, "Sharp drops are a characteristic of Bitcoin," emphasizing, "Investors who refrain from emotional reactions and maintain a clear strategy have historically achieved better performance."
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
