Trader Credible approvesthat the current correction of bitcoin is necessary for the continuation of the bullish trend and growth above $ 70 thousand in the current growth cycle. According to the analyst, at the moment the first cryptocurrency is in the phase of a healthy correction, writes RBC Crypto.
I know this looks scary- but as crazy as it seems, this is HEALTHY for further price appreciation over the remainder of this bull. We NEED these types corrections in order to allow us to go HIGHER in the final legs of this bull run. Macro is still insanely BULLISH. $ BTC https://t.co/89EUP6bJWc
— Credible Crypto (@CredibleCrypto) November 16, 2021
In the near future, the bitcoin price can drop to $ 52-53 thousand, where the “bottom” of the current correction is located, sure trader.
Somewhere below 58k- there is a key area around 52-53k that I like for a potential bottom if we get that low.
— Credible Crypto (@CredibleCrypto) November 16, 2021
By words Credible, the $ 69K mark that bitcoin reached on November 10, cannot be the top of the current bull market, since historically, each subsequent growth cycle has lasted longer than the previous one.
On the morning of November 19, the bitcoin price updated its local minimum at around $ 55.6 thousand. The last time the cryptocurrency was traded at this level was on October 13. Over the week, bitcoin has fallen in price by 13%, and its capitalization has dropped to $ 1.06 trillion.
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