In the last week, the bitcoin market has been in panic mode due to the recent correction from the all-time high. But not all have seen this as a negative sign. The digital asset’s price had gone down below $60,000 causing investors to believe the bear market had arrived. The panic caused by sell-offs in the area had mainly affected small-time investors.
However, it was inevitable that the bitcoin market would correct after such a remarkable run. Although market corrections are normal after bull rallies, analysts believe that this correction may have positive consequences for bitcoin’s future.
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You can be grateful for the people who are in poverty
BOOX Research analysts recently shared their market analysis and thoughts on current market conditions. According to the analysts, the correction was good news for the digital asset. This type of slump is important for a “healthy” market and bulls should be grateful for it, the analysts said.
Markets have not suffered from the selloff, and bears are mistakenly assuming that bitcoin has already reached its maximum. BOOX Research analysts further explained that the market is nowhere near the “crypto winter” despite its 20% downward retracement. It was further stated that the bitcoin market had maintained a value of $50,000 above its lowest point, which for the psychological reasons, it shows that it continues to be strong.
Source: BTCUSD on TradingView.com| Source: BTCUSD on TradingView.com
An analyst pointed out that the analysts would expect a large pullback to occur if it fell below $50,000. This would lead to an additional $30,000 test. However, it would take something impactful, like an “unforeseen major regulatory setback” for the asset to break below this level.
Bitcoin Heading for $100,000
BOOX Research analysts have confirmed a popular prediction about the cryptocurrency space. Bitcoin will reach $100,000. Analysts put bitcoin at the same price in 2022, but there is a slight hurdle. The report states that the digital asset should first surpass $60,000 to qualify for a high-retest. The asset will accelerate to $75,000, and then reach $100,000 by next year.
“Bitcoin has made several key pivots around $50,000 going back to February of this year. We expect the bulls to put up a strong fight and hold that line if it gets down there, which could be a good spot to add to positions.”
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This pullback is good news for the first digital asset. Prices have stabilized somewhat – as stable as they can be for the highly volatile crypto market – setting the asset up for another bounce above $60,000. Bitcoin recovered to $59,000 Thursday, and all indicators indicate a continuation to the bull rally.
Featured image taken from Republic World chart by TradingView.com