Bitcoin down
Since a few days now we are seeing the Bitcoin price sliding downwards. Currently we are trading at about 63k which is 10k less than past weeks high at 73k and a loss of -12%.
Time to worry?
If you are new to the crypto market you might begin to worry. A two digit drop is normally quite significant BUT we are not talking stocks here. Bitcoin has gained hugely over the past weeks and the market had become quite hot. The correction we are seeing now is actually very healthy. We need to calm down a bit, breathe out to gain momentum for the next climb.
There is two price levels to watch at the moment: The area at about 60-62k and the area about 50k. My guess is that the correction will lead us into that price range, which would be a chance to stack some more Bitcoin.
Bull market status
We are still in the early stage of the bull market and the upside for Bitcoin lies in the six digit price range. My base scenario is currently that we could see prices of 150-200k this cycle since the ETFs show a constant demand, the supply will be halved next month and retail investors are mainly still on the sideline.
Are you buying the dip already?