On Monday, January 11, 2020, Bitcoin has seen a huge pullback and decreased by 20%. This is the biggest Bitcoin correction in the past few months. David Grider, a lead digital analyst at Fundstrat Global Advisors, believes this to be a healthy pullback of Bitcoin. He said that bitcoiners should not lose hope as the rally will continue further.
It is believed that a lot of things have happened in the market due to this sudden Bitcoin correction. Some major liquidations worth $2.4 billion have happened in the Bitcoin futures market. Along with this, FCA, the UK regulator, has announced that retail users should not invest in crypto as there is a high risk for them.
Before this Bitcoin Correction, It Reached Many All-Time Highs
It has been seen that before this huge Bitcoin correction, Bitcoin has reached several all-time highs. The latest all-time high of Bitcoin was at $42,000, which was right before this sharp decline to $30,000.
Despite such a huge decline, Grider has claimed that this is a healthy correction and it will reach another all-time high, anytime soon.
Bitcoin Has Surged 900% From Lows of 2018
Back in 2018, Bitcoin has dropped below $3.4K and as per the current price, Bitcoin has surged by 900%. This huge surge is indicating that Bitcoin has overshadowed the boom cycles of all other assets in the market, to date. This also includes gold in this list as Bitcoin is performing better than gold. After this recent fall of Bitcoin, it can surge above $35k and will try to recover back. Most of the market analysts have said that this should be seen as a healthy correction, and now Bitcoin is all set to reach another all-time high.