Bitcoin’s sharp correction is expected to be “very beneficial.”

Bitcoin went through a massive correction to under $60,000 after blasting past a new all-time high above $69,000 on Wednesday.

Experts indicate that despite the volatility, there’s continued positivity in the market, hinting at potentially strong movements in the days ahead.

Correction Brings Renewed Positivity

CryptoQuant’s latest analysis, for one, suggests that the ongoing correction in Bitcoin’s price is actually fostering a more positive outlook for the crypto asset.

The on-chain intelligence platform said that the market appears to have hit the bottom of the index based on past cycles. As such, the recent correction is anticipated to amplify these losses, which is seen as a favorable development.

Historically, this indicator shows that until it reaches the market peak, there’s a period of price oscillation marked by rises and falls, ultimately leading to the formation of the Bitcoin peak.



“In summary, according to this indicator, positivity continues, accompanied by strong fluctuations in the coming days.”

Analyst Aksel Kibar shared a chart on X demonstrating Bitcoin’s surge beyond the $69,000 mark, labeling it as the “FOMO stage.” Earlier, he had observed Bitcoin trading within the $65,000 to $68,000 range, nearing the peak witnessed in November 2021, around $69,000. He cautioned investors against succumbing to the fear of missing out at this particular level.