Bitcoin had recently undergone a great fall which averaged @ 20% from its best value ever of US$ 69,000. It is said that the fall was in fact a “correction”, which was this year’s lowest Bitcoin correction ever.
It is also said that when a year is about to end, the global crypto market undergoes a massive correction. According to experts, this correction is essential because it recycles the bullish in the crypto market.
Bitcoin correction was however quite visible that took place in the last week. The correction averaged 17% against Bitcoin’s ATH price of US$ 69,000 on 9th November 2021. The fall, however, brought a reduction of 20% and to date, there have been a 17% rebound earned by Bitcoin.
According to Forbes, the fall has triggered a bearish indicator within the global crypto market. But the real question is whether has there been triggering of any bearish indication or not. The viewpoint of Forbes can or cannot be true because it is just one person’s opinion.
However, the majority of crypto experts believe that the latest Bitcoin correction was nonetheless the lowest. In fact, they claim that the 20% fall in Bitcoin’s value was the lowest in the preceding year. They are basing their argument on the fact that Bitcoin’s genuine correction took place during the period April to July 2021. At that point in time, Bitcoin underwent a massive correction which averaged about 53.4%. Similarly, the second massive correction that Bitcoin underwent was in the month of September which averaged @ 37%.
The argument of the majority of crypto experts has been further endorsed by the analytical firm, Glassnode. A report under the title “Week Onchain” has been published by Glassnode on 29th November 2021. In this report, the analytical firm has duly covered the so-called Bitcoin correction of the past week.
Glassnode, in its report, argues that the latest correction relating to Bitcoin was just as usual as normal business. The viewpoint of Glassnode is that the recent 20% fall in the value of Bitcoin cannot be regarded as a “correction”. If it was a prior year-end “correction”, then the value decrease should have been deep, suggested Glassnode.
Similar were the views of crypto economists who also do not regard the past week’s events as “correction”. They said that it is usual that before a year ends, Bitcoins undergo a deep slump. This deep slump then provides a rigorous “correction” and it has been seen that prices jump to a whole new level, surpassing ATHs. For instance, last year in December, Bitcoin value rallied and there was an increase in value of about 47%. The conditions of the Bitcoin market were also the same as they are prevailing today. The market is bullish today but would it be enough to initiate a bullish rally called “Santa Claus rally”?