A possible major bullish sign for the Crypto market as BTC fell only 17% from it’s all time high, making this recent correction the weakest of the year so far. Most bull market cycles in BTC have significant corrections before an end of year rally, and while history doesn’t alway repeat we certainly expect it to rhyme as Mark Twain would suggest.
Despite headlines like “Did Bitcoin Enter A Bear Market After Falling 20% From Its ATH?” In Forbes suggesting a move into bearish territory, we disagree entirely with that outlook because this past month’s drop was by far one of the weakest corrections relative to 2021. Think about Bitcoin’s severe correction of over 53% between April and July or this September’s 37% from April’s all time high.
When viewed in this manner we see an ascending trend that may be leading us into a massive rally by year end. While BTC is unpredictable when it comes to volatility swings, I wouldn’t be the least bit surprised to see a new all time high before year end. MicroStrategy Inc. founder and Chief Executive Officer Michael Saylor has made the company the largest corporate owner of Bitcoin. It recently purchased $414 million MORE during its recent swoon. The company now has $7 Billion of Bitcoin. Does this sound like people are scared of this last correction, or were eager to buy the dip?