The Bitcoin price correction hints to the trader that the altseason has begun
Bitcoin (BTC) price experienced a sharp correction on December 11th, plunging 7% and erasing the gains of the previous seven days. The strong price correction pushed BTC to a four-month low of $41,329.
The decline in the price of altcoins followed Bitcoin's price correction, with many registering double-digit drops. However, market analysts and analysts believe that the recent price collapse is part of the ongoing price cycle, and after two months of bullish growth, a correction is not surprising.
Will Clement, a crypto analyst and co-founder of Reflexivity Research, said corrections and market volatility will shake off weak hands and slow down highly leveraged crypto markets.
BTC has doubled in 2 months with no pullback, a correction is not that surprising.
Corrections loosen and support “weak hands”, which ultimately allows for a stronger foundation for higher moves.
Bitcoin's volatility is a feature, not a bug.
Cool with benefits https://t.co/BdvvS8KDZU
— Will (@WClementeIII) December 11, 2023
Crypto trader Raymen wrote in a post on X (formerly Twitter) that he believes the recent dump in altcoins could push it into another bull run. He added that since Bitcoin has ended its dominance, it will take a long time for Bitcoin to continue its growth.
I have told you many times about flash waste
Now the garbage is finished
It will take a long time for Bitcoin to continue its growth
Bitcoin dominance has increased.
Now we have entered the actual ALT SEASON
Have a position
Tears of regret do not taste good
— Ramen Panda (@IamRamenPanda) December 11, 2023
A sharp market decline on Monday, December 11 led to the exit of more than $400 million in crypto-leveraged positions, clearing the market. However, the price of Bitcoin has recovered above $42,000.
RELATED: Bitcoin Dominance Threatens To ‘Be Over' As BTC Price Sees $45K
BTC's price rally began in October and has helped the world's top cryptocurrency make significant gains since reaching nearly $10,000 last month. Hitesh.eth, another crypto analyst, has suggested a BTC price breakout after nearly six months of sideways price action.
BTC price gained 50% after the price divergence at the end of October. Hitesh.eth pointed out on-chain data that accounts with more than 1 BTC were constantly buying BTC and whales were accumulating. Amidst a push for the first position, institutional income and increasing interest from financial giants, kicked up by Bitcoin exchange funds, built the right momentum for BTC ahead of the April 2024 key Bitcoin reward reduction.
Magazine: Web3 Gamer: Games Want bots? Illivium's CEO admits that 42X is ‘hard' to climb
