Bitcoin Reached the Giant Correction Level in 2021 with Its Sharp Fall!

Julio Moreno stated that Bitcoin is at a bottom or a major correction level like the summer of 2021 from a valuation perspective.

According to on-chain data and analysis platform Julio Moreno's Twitter post on July 4, Bitcoin is at a summer 2021 style bottom or major correction level from a valuation perspective.

In the bullish year of 2021, the Bitcoin price dropped from $64,800 to $29,700. This corresponded to a retreat of 54%.

Moreno stated that Bitcoin's current situation is similar to major corrections experienced in the past. The analyst based this assessment on analysis of the cryptocurrency's current price levels and on-chain data. Bitcoin being at these levels causes different interpretations among investors, while expectations for the future vary in the market.

While many investors think that the price has experienced enough correction, analysts are even expecting levels of 50 thousand dollars.

In another post, Julio Moreno warned investors against the possibility of a harsher correction.