Crypto market bleeds as Bitcoin price dips below $61,000.
Altcoins dip by 50%-70% and bearish sentiment is on the rise.
Seasoned altcoins see this as the final correction before an unstoppable upward rally.
The crypto market continues to fall in a steep decline liquidating many top holders. As the market bleeds many crypto analysts encourage traders to hold strong or buy the dip. Seasoned analysts in particular share similarities with previous bull cycles.
The market is bleeding Altcoins continue to fall, sentiment is down, and I read articles saying, "The ETH ETF approval will cause Ethereum to crash to $2,400".Is it all over? Is there more pain to come?Market update (the facts):#Bitcoin decides the direction of…
— Patric H. | CryptelligenceX (@CryptelligenceX) June 24, 2024
As we can see from the post above, one seasoned crypto analyst shares market facts that give hope to the crypto community. He marks how Bitcoin went from $72,000 to $60,000 and how BTC sentiment decides the direction of the whole crypto market.
According to Bitcoin’s analytics, the pioneer crypto asset has painted bearish signals on the daily, weekly, and bi-weekly time frames. In turn, altcoins are bleeding too with many assets down by 50%-70%. However, Bitcoin is still bullish on the monthly chart.
This latest Bitcoin dip adds to a narrative shared by another analyst who noted that BTC always prints its bottom in June. Since 2020, Bitcoin (BTC) has set its bottom in June. Perhaps this latest correction phase is flushing out the BTC bottom price for 2024.
Crypto Twitter may be bearish, but you're failing to see the bigger picture. …
— Lark Davis (@TheCryptoLark) June 22, 2024
Meanwhile, another popular crypto analyst reminds the global crypto community to focus on the bigger picture. For instance, the market may just be bearish now, but many other bullish actions are taking place behind the scenes.
In particular, he highlights how billions are flowing in from institutional money into Bitcoin ETFs, how ETH ETFs are about to launch, and how Solana ETFs are also in the works. Indeed, seasoned traders who’ve been in the crypto trading market for the past decade all remember how the market can shift at any given moment.
Many analysts believe the main golden bull run is yet to begin. Once this correction phase ends a new super cycle is set to begin that will usher in a glorious altseason bringing with it many new ATHs for altcoins and Bitcoin alike.
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The post Crypto Market Bleeds as Corrections Runs Rampant, Is This the Last Correction Before the Golden Bull Cycle? appeared first on Crypto News Land.
