As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen my fair share of market volatility. The recent dip in Bitcoin’s price, while concerning to some, doesn’t phase me too much.
In the late European evening on Monday, Bitcoin‘s value started to decline. Sellers resurfaced and regained dominance, causing the digital currency to drop below $67,000, resulting in a 2.5% decrease over the previous 24 hours.
The action taken has significantly increased the total cancellations of contracts in the derivatives market to approximately $200 million. Within just the last four hours, nearly $70 million worth of highly-leveraged positions, primarily long ones, have been liquidated from the market.
As someone who has been following the stock market for over a decade, I can’t help but feel a sense of unease about this latest development. With each new high, I find myself questioning whether it’s too good to be true, given my experiences during past market corrections. It’s always exciting when we see record-breaking gains, but I’ve learned the hard way that these rallies can suddenly come to a halt, leaving investors in a precarious position. While I hope this time is different, the uncertainty lingers and leaves me cautiously optimistic at best.
Various well-known traders like User Emperor have proposed the possibility that the price could drop down to around $62,000 in the future.
Bitcoin Price Update
The backtest at the $66,000 mark remained strong, pushing prices even higher. I’m hoping to see the price sustain above the previous month’s high for further upward movement. My target of $69,000 has been reached, and now I’m planning to re-enter during pullbacks.
2. I told you most will be scared to buy the dip at…
— Emperor (@EmperorBTC) October 21, 2024
As a crypto investor, I’m observing that the market seems to be undergoing a corrective phase right now, as evident from the heatmap below. It’s important to mention that while there are declines happening, they are still quite modest at the moment when I’m making this observation.
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2024-10-21 20:00