{"id":606037,"date":"2024-05-01T20:00:34","date_gmt":"2024-05-01T20:00:34","guid":{"rendered":"https:\/\/wncen.com\/?p=606037"},"modified":"2024-06-11T07:00:18","modified_gmt":"2024-06-11T07:00:18","slug":"bitcoin-drop-below-60000-btc","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-drop-below-60000-btc\/","title":{"rendered":"Bitcoin Investors Remain Unmoved Despite BTC Drop Below $60,000, The Worst Is Almost Over"},"content":{"rendered":"

On Wednesday, <\/span>Bitcoin<\/span> sharply declined, dropping below the <\/span>crucial $60,000 support level<\/span><\/a>. Despite this recent market downtrend, Bitcoin investors remain confident as they believe the flagship crypto can still reach <\/span>new heights<\/span><\/a> in this market cycle. Some say this might be what Bitcoin needs before making another parabolic run to the upside.\u00a0<\/span><\/p>\n

Bitcoin\u2019s Decline Is Nothing To Be Scared Of<\/h2>\n

Raoul Pal, the CEO of Real Vision, reassured in an X (formerly Twitter) <\/span>post<\/span><\/a> that Bitcoin\u2019s recent price decline was not unusual, stating it was \u201cpretty ordinary stuff.\u201d He also pointed out that this was Bitcoin’s <\/span>fourth 20% correction<\/span><\/a> in the past 12 months, underscoring how normal these price movements are.\u00a0\u00a0<\/span><\/p>\n

Related Reading: Crypto Funds Mark 3rd Consecutive Weeks Of Outflows With $435 Million In Withdrawals<\/a><\/p>\n

\"Bitcoin\"<\/p>\n

Source: X<\/pre>\n
Alex Thorn, Head of Research at Galaxy Digital, had <\/span>previously warned<\/span><\/a> that price declines of such magnitude were to be expected, stating that \u201cbull markets are not straight lines up.\u201d He noted that the same thing happened in the <\/span>2021 and 2017 bull runs<\/span><\/a> when Bitcoin experienced about 13 price drawdowns of over 10% or more.\u00a0<\/span><\/p>\n
Meanwhile, <\/span>crypto analyst Rekt Capital<\/span><\/a> claimed in an <\/span>X post<\/span><\/a> that \u201cthis is exactly what the cycle needs to resynchronize with historical price norms and the traditional Halving Cycle.\u201d He added, \u201cThe longer this goes on, the better.\u201d In another <\/span>X post<\/span><\/a>, he reassured his followers that Bitcoin is getting closer to its final bottom with each passing day.\u00a0<\/span><\/p>\n
Like Rekt Capital, crypto analyst Mikybull Crypto also sounded confident that Bitcoin\u2019s recent decline was just a part of the bigger picture for its move to the upside. They claimed this would be the \u201cfinal shakeout before up, only rally to a cycle top.\u201d<\/span><\/p>\n
Thomas Fahrer, the CEO of Apollo, also shared his bullish sentiment towards Bitcoin, as he suggested that the crypto token\u2019s volatility is what makes it a great investment. \u201cPrice might fall to $40K, but it might rise to $400K. That’s just how it is, and it’s a great bet. Bitcoin is still the best asymmetric opportunity in the market,\u201d he <\/span>wrote<\/span><\/a> on X.\u00a0<\/span><\/p>\n
Bitcoin Bull Run Is Far From Over<\/h2>\n
Crypto analyst Ali Martinez <\/span>suggested<\/span><\/a> that Bitcoin\u2019s bull run was far from over while comparing Bitcoin\u2019s current price action to the last two <\/span>halving events<\/span><\/a>. According to him, Bitcoin consolidated for 189 and 87 days around the halving in 2016 and 2020, respectively, before the bull run resumed.\u00a0<\/span><\/p>\n
\"Bitcoin<\/p>\n
Source: X<\/pre>\n
He further noted that Bitcoin has only consolidated for 60 days this time around, meaning that the flagship crypto will continue its run eventually. In a subsequent <\/span>X post<\/span><\/a>, the analyst stated that Bitcoin might be 538 days away from hitting its <\/span>next market top<\/span><\/a> if it follows its trend from the previous two bull runs.<\/span><\/p>\n
Related Reading: Ethereum Flashes Bullish Signals, Can It Rally 50% From Here?<\/a><\/p>\n
Before now, Martinez <\/span>mentioned<\/span><\/a> that Bitcoin could rise to a <\/span>new all-time high<\/span><\/a> (ATH) of $92,190 if it breaches the resistance level of $69,150.\u00a0<\/span><\/p>\n
At the time of writing, Bitcoin is trading at around $59,600, down over 5% in the last 24 hours, according to <\/span>data<\/span><\/a> from CoinMarketCap.<\/span><\/p>\n
\"Bitcoin<\/p>\n
BTC price succumbs to bears | Source: BTCUSD on Tradingview.com<\/a><\/pre>\n
Featured image from CriptoFacil, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
On Wednesday, Bitcoin sharply declined, dropping below the crucial $60,000 support level. Despite this recent market downtrend, Bitcoin investors remain confident as they believe the flagship crypto can still reach new heights in this market cycle. Some say this might be what Bitcoin needs before making another parabolic run to the upside.\u00a0 Bitcoin\u2019s Decline Is Nothing To Be Scared Of Raoul Pal, the CEO of Real Vision, reassured in an X (formerly Twitter) post that Bitcoin\u2019s recent price decline was not unusual, stating it was \u201cpretty ordinary stuff.\u201d He also pointed out that this was Bitcoin’s fourth 20% correction in the past 12 months, underscoring how normal these price movements are.\u00a0\u00a0 Related Reading: Crypto Funds Mark 3rd Consecutive Weeks Of Outflows With $435 Million In Withdrawals Source: X Alex Thorn, Head of Research at Galaxy Digital, had previously warned that price declines of such magnitude were to be expected, stating that \u201cbull markets are not straight lines up.\u201d He noted that the same thing happened in the 2021 and 2017 bull runs when Bitcoin experienced about 13 price drawdowns of over 10% or more.\u00a0 Meanwhile, crypto analyst Rekt Capital claimed in an X post that \u201cthis is exactly what the cycle needs to resynchronize with historical price norms and the traditional Halving Cycle.\u201d He added, \u201cThe longer this goes on, the better.\u201d In another X post, he reassured his followers that Bitcoin is getting closer to its final bottom with each passing day.\u00a0 Like Rekt Capital, crypto analyst Mikybull Crypto also sounded confident that Bitcoin\u2019s recent decline was just a part of the bigger picture for its move to the upside. They claimed this would be the \u201cfinal shakeout before up, only rally to a cycle top.\u201d Thomas Fahrer, the CEO of Apollo, also shared his bullish sentiment towards Bitcoin, as he suggested that the crypto token\u2019s volatility is what makes it a great investment. \u201cPrice might fall to $40K, but it might rise to $400K. That’s just how it is, and it’s a great bet. Bitcoin is still the best asymmetric opportunity in the market,\u201d he wrote on X.\u00a0 Bitcoin Bull Run Is Far From Over Crypto analyst Ali Martinez suggested that Bitcoin\u2019s bull run was far from over while comparing Bitcoin\u2019s current price action to the last two halving events. According to him, Bitcoin consolidated for 189 and 87 days around the halving in 2016 and 2020, respectively, before the bull run resumed.\u00a0 Source: X He further noted that Bitcoin has only consolidated for 60 days this time around, meaning that the flagship crypto will continue its run eventually. In a subsequent X post, the analyst stated that Bitcoin might be 538 days away from hitting its next market top if it follows its trend from the previous two bull runs. Related Reading: Ethereum Flashes Bullish Signals, Can It Rally 50% From Here? Before now, Martinez mentioned that Bitcoin could rise to a new all-time high (ATH) of $92,190 if it breaches the resistance level of $69,150.\u00a0 At the time of writing, Bitcoin is trading at around $59,600, down over 5% in the last 24 hours, according to data from CoinMarketCap. BTC price succumbs to bears | Source: BTCUSD on Tradingview.com Featured image from CriptoFacil, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":606058,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[167,428,656,679,1119,89185,1122,1144,78790,6664,26263,14690],"class_list":["post-606037","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-analyst","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt","tag-crypto","tag-crypto-analyst","tag-crypto-news"],"acf":[],"yoast_head":"\nBitcoin Investors Remain Unmoved Despite BTC Drop Below $60,000, The Worst Is Almost Over<\/title>\n<meta name=\"description\" content=\"On Wednesday, Bitcoin sharply declined, dropping below 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Investors Remain Unmoved Despite BTC Drop Below $60,000, The Worst Is Almost Over","url":"http:\/\/wncen.com\/news\/bitcoin-drop-below-60000-btc\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-drop-below-60000-btc\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Bitcoin-price.jpeg?resize=200%2C181","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Bitcoin-price.jpeg?fit=278%2C181"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["analyst","bitcoin","bitcoin news","bitcoin price","btc","btc news","btc price","btcusd","btcusdt","crypto","crypto analyst","crypto news"],"dateCreated":"2024-05-01T20:00:34Z","datePublished":"2024-05-01T20:00:34Z","dateModified":"2024-06-11T07:00:18Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Investors Remain Unmoved Despite BTC Drop Below $60,000, The Worst Is Almost Over\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-drop-below-60000-btc\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-drop-below-60000-btc\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/Bitcoin-price.jpeg?resize=200%2C181\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/Bitcoin-price.jpeg?fit=278%2C181\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"analyst\",\"bitcoin\",\"bitcoin news\",\"bitcoin price\",\"btc\",\"btc news\",\"btc price\",\"btcusd\",\"btcusdt\",\"crypto\",\"crypto analyst\",\"crypto news\"],\"dateCreated\":\"2024-05-01T20:00:34Z\",\"datePublished\":\"2024-05-01T20:00:34Z\",\"dateModified\":\"2024-06-11T07:00:18Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Bitcoin-price.jpeg?fit=278%2C181","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/606037"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=606037"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/606037\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/606058"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=606037"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=606037"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=606037"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}