Bitcoin price correction hints start of altseason; trader suggests
BTC price momentum started in October and helped the world’s top cryptocurrency make significant strides, gaining nearly $10,000 in the past month.
Bitcoin price recorded a sharp correction on Dec. 11, marking a decline of 7%, wiping out the past seven days’ gain. The sharp price correction pushed the BTC price to a 4-month low of $41,329.
A decline in prices of altcoins followed the Bitcoin (BTC) price correction, many of which recorded double-digit drops. However, market pundits and analysts believe the recent price crash is a part of the ongoing price cycle, and after two months of bullish surge, a correction is no surprise.
Crypto analyst and co-founder of Reflexivity Research said that correction and market volatility shake off weak hands and cool the highly leveraged crypto markets.
