As you probably know by now, Bitcoin dropped by more than $2,000, and the king coin is down by more than 10% in the past 24 hours.
While we’ve been looking for a relevant event that led to this massive price drop, it seems that it’s just the bulls who are cashing in following the huge bull run from the past few days.
Business Insider notes that “The price of the world’s largest cryptocurrency fell 11%, to $16,725, as of 8:45 a.m. GMT. The price is still up by around 21% this month and by 138% on the year. On Wednesday, it hit a peak of $19,497, but did not break the $19,666 record set in December 2017.”
At the moment of writing this article, BTC is trading in the red, and the king coin is priced at $17,211.96.
The same online publication notes that the price correction could also be a function of some crypto traders moving larger volumes of BTC to exchanges where they can be sold easier at a better price.
“It feels more and more like we’re hitting a Bitcoin tipping point,” said John Kramer, trader at crypto trading firm GSR.
He continued and explained, “In fact, a cooldown is to be expected. But with more well-known fund managers and institutions re-examining their Bitcoin theses every day, it’s getting harder to not take the asset more seriously.”
We suggest that you check out the original article.
A correction before breaking $20k
“I think this is a correction before we break $20,000,” said Ki Young Ju, CEO at analytics firm CryptoQuant.
As Coindesk cited him, he also said: “Other long-term on-chain indicators like BTC and stablecoin reserve say the potential buying pressure still prevails so far.”
Before this price drop, there were a ton of optimistic predictions about the price of BTC.
Stay tuned for more relevant news and keep your eyes on the market.