Throughout the past few days, Bitcoin and the broader cryptocurrency market have experienced considerable declines. BTC tumbled toward $60K before recovering and crashing again, while most of the altcoins followed suit.
Renowned trader Rekt Capital stated that Bitcoin has demonstrated similar retrace patterns since the 2022 bear market bottom, witnessing 20% drops and one 18% retrace on one particular occasion.
Bitcoin’s current pullback — which the analyst estimates at 16% — almost equals the lows of the -18 % retrace that occurred earlier in March of this year. Each pullback was succeeded by a significant surge in price.
- Source: X
On a similar note, crypto investor Trader Tardigrade says Bitcoin is going through a routine move. Since the beginning of the 2024 cycle, shakeouts have occurred several times, followed by a price surge.
BTC Still On Track for 2024 Cycle Top
Meanwhile, renowned Bitcoin analyst CryptoCon shared an optimistic view regarding Bitcoin’s current difficulty breaking above resistance from all-time highs. He states that, despite certain metrics being at overheated levels, Bitcoin’s position remains lined up for a cycle top expected by December 2024.
“In 2017 and 2020 leading up to ATHs MVRV faced some difficulty at this exact point. Our position still lines up perfectly for a cycle top that is one year accelerated in December 2024.”
#Bitcoin continues to face resistance at ATHs, but according to the MVRV-Z, that’s normal!
In 2017 and 2020 leading up to ATHs MVRV faced some difficulty at this exact point.
Our position still lines up perfectly for a cycle top that is one year accelerated in December 2024.… pic.twitter.com/qiGwfnBjhV
— CryptoCon (@CryptoCon_) April 13, 2024
The consensus between analysts and market observers is that these types of pullbacks are “normal,” as history shows that BTC’s price has corrected ahead of previous halvings.
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