BTC price momentum started in October and helped the world’s top cryptocurrency make significant strides, gaining nearly $10,000 in the past month.
The Bitcoin
BTC
tickers down
$42,062
price recorded a sharp correction on Dec. 11, dipping 7% and wiping out the gains of the past seven days. The strong price correction pushed BTC to a four-month low of $41,329.
A decline in prices of altcoins followed the Bitcoin price correction, many of which recorded double-digit drops. However, market pundits and analysts believe the recent price
crash is a part of the ongoing price cycle, and after two months of bullish surge, a correction is no surprise.
Crypto analyst and co-founder of Reflexivity Research Will Clemente said that correction and market volatility shake out weak hands and cool the highly leveraged crypto markets.
Crypto trader Remen wrote in an X (formerly Twitter) post that he believes the recent dump could
push altcoins into another bull run. He added that it will take a long period of chops for Bitcoin to resume an uptrend, as Bitcoin dominance has topped out.
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