Bitcoin (BTC) lost nearly 8% on February 10 given the first significant correction after Monday’s price increase.
BTC price staggers to $ 48,000
Data from Cointelegraph Markets and TradingView tracked BTC / USD as it fell from local highs of $ 47,360 to briefly touch $ 43,750 during trading operations on Wednesday.
The pair had been on track to hit $ 50,000 after registrar new all-time highs earlier in the week thanks to the news that Tesla had converted $ 1.5 billion of its balance sheet to Bitcoin.
Corrections were already expected, a necessary part of Bitcoin’s steady upward movement, which the analyst of Cointelegraph Markets, filbfilb, cree that will see an impact of $ 63,000 in the short term. $ 52,000 dollars, said early Wednesday, they can also produce a temporary consolidation.
On the subject of current market behavior, the analyst Michaël van de Poppe He also advised Twitter followers to adjust to what has been a prolonged period of upswing..
“‘Why are you climbing?’ Well, markets are going up strongly, but we will also see bearish momentum. Nothing is going up in a straight line. “, wrote .
“Getting partial benefits is fine. I still have big bunches in play, but I can rack up something else. Easy game.”
Bitcoin ignores all celebrity endorsements
However, the fall amused some, as it came just minutes after actress Lindsay Lohan tweeted surprising support for Bitcoin.
“Bitcoin to the moon,” he suddenly proclaimed.
bitcoin to the moon
— Lindsay Lohan (@lindsaylohan) February 10, 2021
Among regular market participants, celebrities, and other non-industry figures suddenly getting involved with Bitcoin it’s a “classic” sign that cryptocurrency has gone mainstream too fast and that a correction is imminent.
“At the limit, it’s time to sell”, answered Keith Wareing, from Cointelegraph, just before the 7.6% drop, which buyers quickly braked.
As Cointelegraph reported, Bitcoin’s overall strength is evident, which, following Tesla’s buy-in and interest at the dedicated MicroStrategy summit last week, seems destined to see higher highs thanks to the domino effect of corporate exposure.
In a new update of the day, quantitative analyst PlanB reiterated that Bitcoin was still on track to hit $ 100,000 in September. Progress one year after the most recent halving, he said, was between what happened after the halving events of 2012 and 2016.