“It’s scary the bitcoin price is going to rise directly,” said James Putra, vice president of product strategy for TradeStation Crypto. This withdrawal was required.
So the drop in the past few days is a „health correction“ that was „long overdue“, according to Naeem Aslam, chief market analyst at AvaTrade.
Even with the declines over the weekend and Monday, Bitcoin is still up by more than 10% in 2021 – and it has risen nearly 300% in the past 12 months.
Aslam said in a report that Bitcoin could drop as low as $ 28,000 to $ 30,000 before reaching a bottom.
Aslam said, „This is not a time for panic but to look at this opportunity from a more optimistic perspective, as the bullish trend is not over yet, and it is still likely to make its journey to the upside.“