Bitcoin Price Correction May Signal Start of Altseason
On December 11, the price of Bitcoin (BTC) experienced a significant decline, falling 7% and erasing the previous seven days' gains.
BTC dropped to $41,329, a four-month low, as a result of the significant price correction.
Following the correction in the price of Bitcoin, many altcoins saw double-digit declines in value.
Nonetheless, analysts and market pundits feel that the recent price fall is typical of the current price cycle, and a correction is expected following two months of bullish price growth.
Will Clemente, co-founder of Reflexivity Research and an expert in cryptocurrency, stated that market turbulence and corrections drive out unskilled players and cool the highly leveraged cryptocurrency markets.
In a post on X (formerly Twitter), cryptocurrency trader Remen expressed his belief that the recent dump could lead to another bull run in altcoins.
He continued by saying that since Bitcoin's dominance has peaked, it will take a huge amount of time for it to start rising again.
Over $400 million in crypto-leveraged positions were liquidated during Monday, December 11's steep market decline, which cleared the market. But since then, the price of Bitcoin has risen above $42,000.
Beginning in October, the price momentum of BTC enabled the leading cryptocurrency in the world to make notable progress, rising by almost $10,000 in the last month.
Another cryptocurrency analyst, Hitesh.eth, indicated that BTC was about to break out after almost six months of sideways trading.
Since the price breakout at the end of October, the price of Bitcoin has increased by 50%. Hitesh.eth referred to on-chain data that implied whales were amassing and that accounts with more than one Bitcoin were continuously purchasing the world's most popular cryptocurrency.
Bitcoin's momentum has been built before the significant Bitcoin reward halving event in April 2024 thanks to the institutional inflow and growing interest of financial behemoths amid a push for the first spot Bitcoin exchange-traded fund.
Sources:
https://cointelegraph.com/news/bitcoin-price-correction-altcoin-season-trader
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