Will Clemente, co-founder of Reflexivity Research, predicts an imminent correction in Bitcoin's price, anticipating a sharp downturn to shake off "greedy" leveraged positions. Analyzing data from Glassnode, a blockchain data platform, Clemente highlights the historical trend of corrections in Bitcoin's life cycle. In the 2015-2018 cycle, a 36% correction occurred during the bull run, and the 2019-2022 period witnessed a 62.6% drawdown.
<h2>Bitcoin Faces Noteworthy Correction Amidst Ongoing Bullish Battle</h2>
[embed]https://twitter.com/WClementeIII/status/1732170515647746130[/embed]

Despite the current Bitcoin rally being in its early stages, Clemente notes a 20.1% maximum drawdown so far. He argues that corrections, especially during bull markets, lay the groundwork for stronger foundations, viewing Bitcoin volatility as a feature, not a flaw. With Bitcoin nearly doubling in the last two months without significant pullbacks, a correction, according to Clemente, would not be surprising.

In line with this, <a href="https://www.cryptoknowmics.com/news/bitcoin-rally-spotlights-investor-risks/">Bitcoin</a> recently experienced a substantial drop, losing over 7% in under three hours. Starting the trading day at $43,786, it briefly rose to $43,801 before plummeting to $40,659. This marks the most significant correction in Bitcoin's current rally from around $25,000, which commenced in mid-September. The cryptocurrency is currently trading at $41,919, reflecting an ongoing battle between bears and bulls.

Bitcoin's Latest Surge: Correction or Consolidation?

Bitcoin's recent rise encounters its first challenge. Explore whether it's a correction or consolidation and what it means for the crypto market. 📈🤔 #BitcoinRise

Sonakshi is into the crypto world ever since she heard about it and is pursuing her interest through Cryptoknowmics. She is a sensational poet, technical writer and content strategist.

Bitcoin's Latest Surge: Correction or Consolidation?

Top Picks