"Bitcoin, bearish criticism is excessive…only returned last year's excess gains"

Uk Jin

Summary

A Bloomberg ETF analyst said the recent correction in Bitcoin is at a level that returned last year's excess gains.
He said Bitcoin surged 122% annually last year, outperforming the market by five times.
The expert emphasized that the current price trend is not a crash phase, and that cycles are necessary given the nature of asset markets.

Bitcoin (BTC) has undergone a correction this year, but it is being assessed as merely reversing last year's excessive gains.

On the 7th (Korean time), Bloomberg exchange-traded fund (ETF) analyst Eric Balchunas said on X (formerly Twitter), "Bitcoin's corrective movement is merely a partial return of last year's excess gains."

Balchunas said, "Last year Bitcoin surged 122% annually, outperforming the broader market by five times," and emphasized, "Even if prices are flat or slightly down this year, they are still moving at an annual average increase of about 50%. There is no need to interpret this as a crash phase."

He also mentioned the cycles of asset markets, saying, "Assets sometimes need time to cool off," and added, "The same applies to stocks, but only Bitcoin receives excessive analysis."

As of 9:30 a.m. that day, Bitcoin was trading at 89,502 dollars, up 0.14% from the previous day, according to CoinMarketCap.