Why This #BTC Correction IS Very Different Than the 3 Previous Ones ?
Bitcoin has recently undergone a 20% correction within a broader bull market, aligning with accurate predictions for the three previous 20% corrections since the commencement of the 5th Bitcoin bull market on June 25, 2023. This correction stands out due to the participation of institutional investors, whose risk management strategies differ from retail traders. The average entry price for US Bitcoin ETF holders is estimated to be around $57,300, nearing the predicted levels as Bitcoin approaches this mark.
The validation of the early January 2023 prediction for a new bull market onset, coupled with Bitcoin's proximity to the halving price projection of $63,160 (actual price $63,491) forecasted on October 28, 2022, indicates a positive trend. While Bitcoin nearly reached the 2023 year-end target of $45,000 (actual price $43,613), forecasts for post-ETF approval price targets of $57,000 and later revised to $70,000 have proven accurate.
This correction signifies Bitcoin's initial exposure to significant institutional capital, introducing new considerations amidst evolving market dynamics.