Is Bitcoin price going to crash again?
Bitcoin's previous bull market correction has witnessed declines ranging from 20 to 40%. Could the history repeat in 2024?
Bitcoin (BTC) is facing its major correction phase after undergoing a strong price rally in 2024. Notably, the BTC/USD pair is down circa 13.5% when measured from its year-to-date (and all-time) high of nearly $74,000.
Bitcoin’s ongoing price decline appears like a bull market correction, allowing the market to adjust and consolidate gains before potentially moving higher again. Previous bull market corrections in the Bitcoin market have witnessed prices declining 20-40%, raising possibilities of similar downturns during the 2024 bull market.
Bitcoin's ongoing price explosion has left its market in a deeply overbought state.
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