*MUST READ for beginners who want to continue in this market!!*
In the first week of December, Bitcoin went through, and will continue to do so, a strong sell-off, resulting in a significant drop in its value. This movement, although impactful in the short term, is *part of the volatile and cyclical nature of the cryptocurrency market*.
- Current Scenario
The recent price correction was driven by a combination of factors, such as profit-taking after recent highs and regulatory uncertainty. However, the medium- to long-term outlook remains bullish. Technical indicators point to a possible recovery in the short term, with the Bitcoin price looking to hold above the $104,717 mark, which could trigger a new rally towards the $109,000 region.
- Future perspectives
On a positive note, the overall trend for Bitcoin remains positive. Expert projections indicate that the cryptocurrency could end 2024 with an average of $85,000~$77,000, which would mark a new record year-end close. Furthermore, the increase in institutional interest, such as Bitcoin mutual funds and ETFs, reinforces the view of a more robust and sustained market in the long term.
- Market Facts
Bitcoin price drops often cause panic among novice investors. However, for those who follow the market, this type of correction is seen as an opportunity. The logic behind this is that in a rising market, corrections allow for new entry points, strengthening the support base of higher prices. Therefore, the recent sell-off should not be seen as the end of the bull cycle, but rather as a strategic pause before a possible rebound.
- Conclusion
While the market sell-off was abrupt, the long-term outlook for Bitcoin remains bullish. Previous bullish moves have always been preceded by corrections, which reinforces the narrative that Bitcoin is continuing its upward trajectory despite occasional fluctuations. If support holds above $104,717, there is a real chance of a further price rally in the coming weeks!
