Bitcoin News

Why Did Bitcoin Price Crash 10% After Reaching $69,000 All-Time High?

ByCNS@admin

Mar 6, 2024 ##Bitcoin, #alltime, #Crash, #Dogecoin Open Interest Surges To Record $1.49 Billion, #high, #Price, #Reaching


The flagship crypto token, Bitcoin, finally hit a new all-time high (ATH) on March 5 but quickly dipped by over 10% after this price surge. As explained by this market analyst, this sharp correction was to be expected and could become a norm heading into the bull market.

“Bull Markets Are Not Straight Lines Up”

Alex Thorn, Head of Research at Galaxy Digital, noted in an X (formerly Twitter) post that the market doesn’t move to the upside unfettered, even in a bull market, and corrections are to be expected. He alluded to the 2021 bull run, where Bitcoin experienced around 13 corrections of 10% or more between 2020 and the peak when the crypto token hit its previous ATH.

Thorn also referenced the 2017 bull run, noting that the same thing occurred then as Bitcoin experienced 13 drawdowns of 12% or more. Therefore, what happened with Bitcoin recently isn’t unusual, and more corrections are likely to occur as the crypto token hits new highs on its way to the peak of this market cycle. 

Meanwhile, as revealed by Thorn, something similar happened in December 2020 when BTC touched its prior ATH of $20,000, then traded 11.3% lower for the next 15 days before going on to “definitively” break its ATH. If the same thing happens now, the analyst believes that could be good for Bitcoin, stating that “some consolidation would be healthy” after its year-to-date gains. 

Moreover, it is worth mentioning that Bitcoin has been on a run since the end of last year (just before the Spot Bitcoin ETFs were approved) and hasn’t slowed since then. Therefore, a significant pullback for the flagship crypto token seems long overdue. 

Profit Taking Is To Be Expected For Bitcoin

Crypto analyst Guy Turner suggested in an X post that profit-taking could have been the cause of the pullback and that more profit-taking is likely to take place. Investors aggressively taking profit was to be expected considering that Bitcoin hitting a new ATH ultimately put all wallets holding the crypto token in profits. 

Turner also noted that these corrections are healthy for a sustainable long-term market. It also allows investors to position themselves and accumulate more BTC during the dip. On the bright side, the bull market is all but confirmed, with Bitcoin hitting a new ATH. According to crypto analyst Ali Martinez, this cycle is expected to continue until sometime in October 2025. 

At the time of writing, Bitcoin is trading at around $65,900, down over 2% in the last 24 hours, according to data from CoinMarketCap. 

Bitcoin price chart from Tradingview.com



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