A lot, many experts are predicting near term severe plunge of bitcoin. However, let us define what is to be expected shortly, which in this context means in the short short-term frame.
Current Market Sentiment
This is currently the situation with a continued bearish outlook prevailing at the moment and this has led to a danegrous downward spiral. Many expect the opposite and while this may well be true, it has to be viewed thoroughly to get things as they really are. However, it appears that Bitcoin is in the process of constructing a second ‘M,’ or a bearish pattern just like the double top towards the end of ’21.
Potential for Correction
Unlike the traditional stocks, Bitcoin has key corrections during a bull market period. The downturn from the all-time high of $64,000 to $56,000 is a 22% movement and is well within the expected norm. They argue that such corrections as those presented here, even if as high as 40–45%, are typical. Bitcoin will not trade lower than $56,700 again before a new selling wave may be triggered.
Maintaining a Bullish Outlook
That being said, it is still early for the company to aim at a bearish market, even though currently it’s unstable. Prices are sliding back and forth The correction is a certain process and…
