Bitcoin’s dip to $29k may be a healthy correction based on historical trends

2023-4-19 22:11

Quick Take Bitcoin is down 3.5% today, going as low as $29,000. However, these liquidation cascades are normal in crypto, let alone emerging from a bear market. Looking at the cost basis, the chart of previous bear markets, highlighted in purple, denotes max pain when the short-term holder realized price is below the realized price. However, emerging from the depths of the bear market has been highlighted where the Bitcoin price has fallen, albeit liquidation cascades or selling into profit. This cycle has been no different; again, Bitcoin price has rallied while we have seen multiple corrections, which can be deemed healthy for Bitcoin to continue. Cost Basis: (Source: Glassnode) Cost Basis: (Source: Glassnode) Cost Basis: (Source: Glassnode)

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