Its been a rude awakening for Bitcoin $BTC holders this week as the cryptocurrency has been in freefall. The coin dropped from $108,364 on Tuesday, 17th December, to $95,537 on Thursday, its biggest successive pullback since August.

U.S Federal Reserve Chairman Jerome Powell may have reignited the bearish activity through his recent comment. However, the situation was further exasperated by claims that there will only be two rate cuts in 2025.

While sellers took advantage

While sellers took advantage of the information, the downward pressure may have created more FUD. As a result, bullish sentiments were further eroded. Especially considering that the holidays are here and investors are likely to make withdrawals for holiday spending.

But despite the declining sentiment as indicated by the Fear and Greed index, there are those that still hold on to bullish optimism. Among them is Ark Invest CEO Cathy Wood who still believes in Bitcoin’s ability to rally to $1 million per coin.$BTC