Bitcoin, which rose rapidly from $15,500 to $45,800, has dropped about 10% to $40,750 as of today. So did the expected correction in Bitcoin before the bull season take place and will the decline continue?
Will the expected correction in Bitcoin materialize?
Those who follow cryptocurrencies closely are waiting for the Bitcoin EFT confirmation on January 10th. Many people expect that with Bitcoin’s EFT approval, the bull season will begin and Bitcoin’s ATH (All Time High) will rise to its all-time high. Of course, the fact that the halving event will take place in 2024 also increases expectations.
While some experts claim that Bitcoin will rise with the EFT approval to be announced on January 10, some experts remind the classic saying “Buy the Rumor, Sell the News”. In other words, even if the EFT approval comes on January 10, there is a large segment that expects a serious decline after the approval.
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However, Bitcoin, which has been rising for a long time, was also expected to make a correction. Today, Bitcoin fell about 10% to around $40,750. From here, it rose again to 42,800 levels with reaction buying. However, after the weak purchases, a downward trend is seen.
The information we share here is certainly not investment advice, but only a brief summary of the event. Cryptocurrencies are the world’s riskiest investment instrument and are highly volatile. We never recommend people without experience to turn to this field.
What are your views on the direction of Bitcoin? Do you think Bitcoin will break its ATH in 2024?
