Trader Credible believes the cryptocurrency needs a healthy correction to continue the bullish trend. According to the expert, the asset price may drop to $ 52-53 thousand before returning to growth
Trader Credible argues that the current Bitcoin correction is necessary to continue the bullish trend and rise above $ 70K in the current growth cycle. According to the analyst, the first cryptocurrency is currently in a healthy correction phase. In the near future, the bitcoin price can drop to $ 52-53 thousand, where the “bottom” of the current correction is, the trader is sure .
According to Credible, the $ 69K mark that Bitcoin reached on November 10 cannot be the top of the current bull market, since historically, each subsequent growth cycle lasted longer than the previous one.
On the morning of November 19, the bitcoin price updated its local minimum at around $ 55.6 thousand. The last time the cryptocurrency was traded at this level was on October 13. Over the week, bitcoin fell in price by 13%, and its capitalization fell to $ 1.06 trillion.