- Bitcoin crashed below $80,000 on Friday morning.
- There is a heightened FUD among crypto traders on social media.
- Smart investors insist the cryptocurrency market is still bullish.
The cryptocurrency market continued its slide; Friday, with Bitcoin dumping hard and falling below the $80,000 mark. This move heightened the fears of a market crash among normies and retail investors.
However, a renowned crypto analyst who has observed Bitcoin’s historical behavior insists that the chart is still bullish and that the crypto market’s potential to rally remains.
Historical Context: Bitcoin’s 2024 Price Crash
In his latest video, the analyst pointed to a similar scenario when Bitcoin’s price crashed in July 2024. Although many observers feared the cryptocurrency would continue to fall, things changed, with Bitcoin reversing the trend and beginning a bull run that led to an all-time high of more than $100,000.
Related: Robert Kiyosaki Says Bitcoin is on Sale, Calls Price Drop a Buying Opportunity
According to the analyst, despite the prevailing FUD among retail investors on social media platforms, crypto’s core investors, whom he considers the smart investors, maintain that the market is bullish. The analyst cited one investor who described those panicking because of Bitcoin’s drop as ignorant and not knowing what they own.
Bitcoin’s Previous Pullbacks and Current Market “FUD”
Moreover, the analyst cited Bitcoin’s previous pullbacks ahead of the rally to $69,000, showing how far the cryptocurrency retreated, sometimes losing up to 50% of its value before rebounding. He considers the current situation a typical reversal despite the massive volume involved and the level of FUD among crypto traders.
In the meantime, even though many people consider Bitcoin’s current dip massive, the renowned analyst sees it as a phenomenal technical move. He cited another analyst who, despite the current situation, predicts an upcoming breathtaking Bitcoin bull market. According to the analyst, the current crypto market crash presents an opportunity for traders to add more value to their portfolios.
Related: Bitcoin Price Dip Analysis: 30% Drop But CryptoQuant CEO Says It’s “Common” in Bull Cycles
The analyst advised crypto users to capitalize on the current market opportunity. Instead of focusing on negative predictions, they should seek out the optimists and remain motivated, as the market will return to its natural path after the volatility.
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Source: https://coinedition.com/analyst-current-crypto-market-correction-is-within-historical-norms/