The price of Bitcoin (BTC) is experiencing a major pullback trend but top market analyst Will Clemente III believes this is not a surprise.
At the time of writing, Bitcoin is priced at $42,423.55, down by 3% in the past 24 hours. While still maintaining the number 1 spot with a market capitalization of $829,909,088,193, the trading volume has remained surprisingly elevated, soaring by 85% to $26,968,433,886.
With the current outlook, Will pointed out the obvious breather Bitcoin deserves after approximately doubling its price within the space of 2 months.
Bitcoin’s Volatility is a Feature, Not a Bug
A look at Bitcoin’s price history shows that it moved from $26,858.17 on October 15 to the price it is now. This movement faced almost no bearish correction until it reached a Year-to-Date (YTD) peak of $44,705.52.
This is a clear case of a positive exhibition of Bitcoin’s volatility which Will Clemente III noted is a feature, not a bug.
BTC just ~doubled in 2 months with no pull backs, a correction is not that surprising.
Corrections shake out “weak hands” and leverage, allowing for a stronger foundation for eventual moves higher.
Bitcoin’s volatility is a feature, not a bug.
Chill with the leverage ? https://t.co/BdvvS8KDZU
— Will (@WClementeIII) December 11, 2023
This statement comes in the wake of the usual banter the top cryptocurrencies also face when in periods of price drawdowns. To cement his thesis, the analyst said corrections are essentially presented in the market to shake out “weak hands” while offering leverage to bold investors/traders.
Per his thesis, the current price outlook offers a “stronger foundation” for an eventual upward price move. Will’s current call for investors to “chill with the leverage” underscores his previous prediction about 5 days ago that the top asset will see a correction imminently.
Bitcoin Uptrend is Here to Stay
The massive volatility in Bitcoin’s price and the entire market has not dragged the coin below the $42,000 support zone. This underscores how Bitcoin’s resilience remains amplified and primed for future bounce.
A number of positive fundamentals support the Bitcoin growth push with the top catalyst being the hype surrounding the likely approval of a spot Exchange Traded Fund (ETF) product tracking the asset.
The upcoming Bitcoin halving is also a unique boost that might sustain the injection of capital into the cryptocurrency, and potential impact price surge in the near future.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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