Ongoing Bitcoin Correction and Market Predictions

Cryptocurrency analyst PlanC recently addressed concerns regarding the current Bitcoin correction and its implications for the bull market.

According to PlanC, this bull cycle differs from that of 2017, which experienced multiple short-term overcorrections followed by rapid recoveries. He forecasts that the “pain” for investors in this cycle will be more about the duration rather than the percentage declines.

> “There will be fewer, lower percentage corrections throughout the bull market, which is different from the 2017 cycle, which saw many short-term, extreme corrections and rapid reversals,” PlanC remarked. He notes that while this cycle will likely include longer periods of consolidation, many may misinterpret this as a weakening bull run. Prolonged downtrends can shake confidence and propagate fear-driven narratives among investors.

Despite these uncertainties, PlanC remains positive. He believes that extended consolidations in this cycle will foster stronger support levels. “We have a chance for a long bullish period in this cycle, as stronger support is built throughout the bull market from these long consolidation periods on the way up,” he explained. This, he argues, could lead to a more sustainable bull market bolstered by real adoption and increasing integration of Bitcoin into global financial systems.

Additionally, PlanC noted that he has not sold any of his Bitcoin holdings since the market reached lows in March 2020.

This is not investment advice.