Bitcoin Price Correction
The Bitcoin (BTC)price experienced a sharp decline on Dec. 11, with a 7% drop that erased the gains of the past seven days. This strong price correction pushed BTC to a four-month low of $41,329.
The price correction of Bitcoin was followed by a decrease in altcoin prices, with many of them recording double-digit drops. Market experts and analysts believe that this price crash is part of the ongoing price cycle, and after two months of bullish surge, a correction is not unexpected.
Will Clemente, co-founder of Reflexivity Research and crypto analyst, commented that the correction and market volatility will help to eliminate weak hands and balance the highly leveraged crypto markets.
Crypto trader Remen shared on X (formerly Twitter) that he believes the recent dump could trigger another bull run for altcoins. He added that Bitcoin needs to go through a long period of choppiness before it resumes its uptrend, as Bitcoin dominance has reached its peak.
Web 3.0 and Bitcoin Price Momentum
The sharp market decline on Monday, Dec. 11 saw over $400 million of crypto-leveraged positions liquidated, but the Bitcoin price has since recovered above $42,000.
The past month has seen a remarkable surge in BTC price momentum, with the world’s top cryptocurrency gaining nearly $10,000 since October. Hitesh.eth, a crypto analyst, pointed to the price breakout after six months of sideways price action as the catalyst for the impressive gains.
The price of BTC has risen by 50% since the breakout, and Hitesh.eth suggests that on-chain data shows accounts with over 1 BTC have been consistently buying, and whales have been accumulating. This institutional inflow and the increasing interest of financial giants in the first spot Bitcoin exchange-traded fund has built the right momentum for BTC ahead of the 2024 Bitcoin reward halving.
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