RE: Bitcoin 7% down in 24 hours and more than 30% from peak now.
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Thanks for sharing this market observation. Indeed, Bitcoin's 30% pullback from its peak in just two months has surprised many investors, especially given the backdrop of ETF approvals and institutional adoption.
However, looking back at history, corrections of this magnitude are not uncommon during Bitcoin bull cycles. In both the 2017 and 2021 bull markets, Bitcoin experienced deep corrections of 30-40%, yet ultimately reached new highs.
While market sentiment is currently pessimistic, the fundamentals remain strong:
• The long-term inflow trend into Bitcoin ETFs continues
• The Fed's expected rate cut cycle remains intact
• The supply impact of the fourth halving continues to unfold
To me, this correction appears to be flushing out short-term speculators, creating a healthier foundation for the next leg up. The key is maintaining patience, sticking to DCA strategies, and not being swayed by market sentiment.
What's your take on the depth of this correction - an overreaction or a reasonable adjustment?
I also feel it is more like correction as jump was also fueled due to corporate taking interest and so much hype for ETFs. So it will consolidated before jumping again.