- Bitcoin’s latest corrections have fueled a lot of questions about the crypto
- Everyone from Peter Brandt to Peter Schiff to Michael Saylor had something to say
Since the start of the week, Bitcoin [BTC] has faced a significant downturn, shedding more than 13% of its value – A sign of a significant correction from its recent upward trend.
The decline was evident as the prices plummeted to $62,900, the lowest point observed in the past fortnight.
The nearly double-digit drop in the leading cryptocurrency’s price triggered apprehension and uncertainty among market participants. Many pondered whether the unchecked growth witnessed in recent months was reaching its culmination.
Remarking on the same, experienced trader Peter Brandt shared insights on Bitcoin’s current price movement, offering a broader outlook on market sentiment. He noted,
“This correction is healthy. BTC is in a major bull trend.”
A prominent trader associated with Binance further added,
‘When prices go up and on-chain/perps start moving people don’t need slots anymore, they can just long the memecoin du jour on leverage.”
Diverging views on king coin
Moreover, on the 19th of March, Peter Schiff, a Bitcoin skeptic, noted that CNBC’s Squawk Box consistently highlights the cryptocurrency’s positive gains while frequently downplaying its declines.
“Whenever Bitcoin has a big overnight gain, it’s the lead story on @SquawkCNBC.In fact, on those days positive discussions of Bitcoin dominate the 7 AM hour.”
He elaborated,
“Yet this morning, with Bitcoin down 6% overnight (a huge move), Bitcoin wasn’t mentioned once during the entire hour.”
The economist pointed out that despite three hours of market coverage, CNBC had failed to mention Bitcoin. According to him, this silence from CNBC allows Bitcoin whales to quietly unload their holdings.
“It’s been over three hours of market coverage and @CNBC still hasn’t mentioned #Bitcoin or their favorite stock $MSTR once. Bitcoin EFTs they’ve pumped are down 6% and $MSTR is down 16%.”
Contrary to Schiff, Bitcoin maximalist, Michael Saylor, highlighted,
“Bitcoin is for Everyone.”
What awaits Bitcoin: Boom or Bane?
In conclusion, Bitcoin analyst Willy Woo suggests that a peak by mid-2024 wouldn’t be surprising given the rapid surge of the Bitcoin Macro Index. This could potentially signal a double pump cycle akin to 2013, with a second peak anticipated in 2025.
Echoing the same, Brandt believes that the corrections are inherent in upward trajectories, affirming BTC’s continued bullish trend. While a retest of $52,000 is possible, a rebound to $69,000 would likely invalidate this pattern, making a drop below $50,000 unlikely.