There is nothing wrong with the bitcoin price dropping by 10%, as during a bullish growth periodic corrections can reach 30%.

BestChange
2 min readMar 18, 2024

Analysts of OnChainCollege are sure that the pullback in the price of the main cryptocurrency after overcoming the historical highs is quite natural and is not unusual. On March 15, the bitcoin rate fell to the previous two-year high, which became a prerequisite for speculation among community members about the probable fall of BTC to the price values of early this spring.

“There is nothing wrong with the bitcoin price sagging by 10%, as periodic corrections can be as high as 30% during a bull run. As a rule, the decline in value occurs after a strong movement to historical highs, when more than 95% of the supply is in the zone of unrealized profits,” experts said.

According to CoinGlass, over the past day users of popular centralized platforms suffered losses of more than $810 million.

Now the price of bitcoin is about $68,100. The first digital coin is slowly recovering the fall that occurred earlier.

“In the new week, I expect continued elevated volatility, which could lead to major spills more than once. Drops of 10–15% against the trend are normal. By and large, prices should remain in a sideways trend until halving. This will allow buyers to regroup to continue rallying towards the round $100,000 mark. Such targets for BTC are seen due to a shortage of coins on the spot market and high demand from institutional investors,” explained BitRiver financial analyst Vladislav Antonov.

But the most optimistic forecast regarding digital gold was voiced by Samson Mou, head of JAN3. He believes that in the near future the rate of the main crypto coin will overcome the level of $1 million.

“I think we will reach $1 million this year. If not this year, then next year, but it will happen very soon,” he said.

The crypto-enthusiast attributed his optimism about BTC’s prospects to a combination of strong demand in anticipation of a shrinking supply of the asset amid halving supply.

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