Bitcoin

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Bitcoin&nbsp;has declined approximately 20% over the past three months, but crypto traders are unfazed, claiming it is just a routine correction in the market cycle.
“This is the 4th 20% correction in BTC in 12 months...pretty ordinary stuff,” the CEO of Real Vision, Raoul Pal, stated in an April 30 <a href="https://twitter.com/raoulgmi/status/1785328306247569450?s=46&amp;t=MuRujqZUAz3TQE1vmr3c6A" target="_blank" rel="noopener nofollow">post</a> on X — comparing its current price level to when Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) hit its all-time high of $75,830 on March 14.
“This is exactly what the cycle needs to resynchronize with historical price norms and the traditional Halving Cycle,” pseudonymous crypto trader Rekt Capital wrote in a <a href="https://twitter.com/rektcapital/status/1785370455706063233" target="_blank" rel="noopener nofollow">post</a> on the same day. 
“Price might fall to $40K, but it might rise to $400K. That’s just how it is, and it’s a great bet,” <a href="https://x.com/thomas_fahrer/status/1785450839815147634" target="_blank" rel="noopener nofollow">added</a> Thomas Fahrer, the CEO of crypto-focused reviews portal Apollo.
At the time of publication, Bitcoin is trading at $59,730 after falling 6% over the past 24 hours, <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener nofollow">according</a> to CoinMarketCap data.
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 <img src="https://s3.cointelegraph.com/uploads/2024-05/a4c17fec-2214-4f89-87ba-2a1812c25152.png" alt="" title="">
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 Over the past 30 days, Bitcoin’s price has dropped 15.98%. Source: CoinMarketCap
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Bitcoin had a brief stint below support levels, trading at $59,097, which resulted in the liquidation of $96.5 million in long positions, <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="noopener nofollow">according</a> to CoinGlass data.
Bitcoin’s price is “getting closer and closer to its final bottom with each additional -1% to the downside,” commented Rekt in a separate X <a href="https://x.com/rektcapital/status/1785396823558868998" target="_blank" rel="noopener nofollow">post</a> on the same day.
Ben Simpson, the CEO of Collective Shift, told Cointelegraph that he thinks the market may now be in a “lull period” after the recent Bitcoin halving due to a lack of new narratives for traders. 
However, he remains optimistic about the market’s long-term prospects beyond the next few months.
<blockquote data-ct-non-breakable="true">
 “I believe in the next month or two we are going to see some choppiness sideways, and a continued drawdown, especially when we still have macro uncertainty, we have the rate Fed decision, the ongoing war, there is a lot of uncertainty in the market.”
</blockquote>
Other traders have also pointed to bullish indicators forming on Bitcoin’s price chart which could signal a breakout in the next few months.
Crypto trader Gally Sama pointed out the forming cup-and-handle pattern on Bitcoin’s price chart — when the price falls and then rebounds in a u-shaped recovery, which looks like a cup — stating that the handle is forming “around or above the previous highs.”
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 <img src="https://s3.cointelegraph.com/uploads/2024-05/74d8f558-4cdf-485b-9490-854155d05678.png" alt="" title="">
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 Source: <a href="https://twitter.com/hdcharting/status/1785460991427252440" target="_blank" rel="noopener nofollow">Gally Sama</a>
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</figure>
The overall crypto market also faced widespread corrections alongside Bitcoin, with Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>) falling by 7.4%, Solana’s (<a href="https://cointelegraph.com/solana-price-index">SOL</a>) dropping by&nbsp;10.1% and Dogecoin (<a href="https://cointelegraph.com/doge-price-index">DOGE</a>) falling by 10.1%.
Related: <a href="https://cointelegraph.com/news/coinbase-integrates-lightning-network-bitcoin-transactions">Coinbase integrates Lightning Network for Bitcoin transactions</a>
The market decline has led to a drop in overall investor confidence over the past 24 hours, <a href="https://alternative.me/crypto/fear-and-greed-index/" target="_blank" rel="noopener nofollow">according</a> to the Fear and Greed Index.
On May 1, the index score fell to a “neutral” 54 — the lowest it has been in three months — dropping 13 points from April 30 “greed” score of 67.
Magazine: <a href="https://cointelegraph.com/magazine/gordon-goner-health-battle-bored-apes-turn-3/">Gordon Goner on his dramatic health battles and Bored Apes turning 3</a>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

‘Pretty ordinary stuff’ — Traders seem unfazed by Bitcoin correction

Cointelegraph

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