Bitcoin

On Wednesday, Bitcoin sharply declined, dropping below the <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-price-prediction-to-42000/#:~:text=Crypto%20analyst%20DonAlt%20has%20outlined,continuation%20of%20BTC's%20bull%20run.">crucial $60,000 support level</a>. Despite this recent market downtrend, Bitcoin investors remain confident as they believe the flagship crypto can still reach <a href="https://bitcoinist.com/bitcoin-breaks-through-69000-setting-new-record/" rel="nofollow">new heights</a> in this market cycle. Some say this might be what Bitcoin needs before making another parabolic run to the upside.&nbsp; 
<h2 id="bitcoin-s-decline-is-nothing-to-be-scared-of">Bitcoin’s Decline Is Nothing To Be Scared Of</h2> 
Raoul Pal, the CEO of Real Vision, reassured in an X (formerly Twitter) <a href="https://bitcoinist.com/bitcoin-breaks-through-69000-setting-new-record/" rel="nofollow">post</a> that Bitcoin’s recent price decline was not unusual, stating it was “pretty ordinary stuff.” He also pointed out that this was Bitcoin’s <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-price-crash-10-69000/">fourth 20% correction</a> in the past 12 months, underscoring how normal these price movements are.&nbsp;&nbsp; 
Related Reading: <a href="https://www.newsbtc.com/crypto/crypto-funds-outflows-435-million/">Crypto Funds Mark 3rd Consecutive Weeks Of Outflows With $435 Million In Withdrawals</a> 
<img loading="lazy" decoding="async" class="alignnone size-medium wp-image-606042 aligncenter" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_1c4c57.png?w=460&amp;resize=460%2C201" alt="Bitcoin" width="460" height="201" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_1c4c57.png?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_1c4c57.png?w=460&amp;resize=460%2C201 460w" sizes="(max-width: 460px) 100vw, 460px" data-recalc-dims="1"> 
Alex Thorn, Head of Research at Galaxy Digital, had <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-price-crash-10-69000/">previously warned</a> that price declines of such magnitude were to be expected, stating that “bull markets are not straight lines up.” He noted that the same thing happened in the <a href="https://bitcoinist.com/rewards-2021-bitcoin-bull-buyers-finally-break-even/" rel="nofollow">2021 and 2017 bull runs</a> when Bitcoin experienced about 13 price drawdowns of over 10% or more.&nbsp; 
Meanwhile, <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-troubles-far-from-over/">crypto analyst Rekt Capital</a> claimed in an <a href="https://x.com/rektcapital/status/1785370455706063233" rel="nofollow">X post</a> that “this is exactly what the cycle needs to resynchronize with historical price norms and the traditional Halving Cycle.” He added, “The longer this goes on, the better.” In another <a href="https://x.com/rektcapital/status/1785371953940791680" rel="nofollow">X post</a>, he reassured his followers that Bitcoin is getting closer to its final bottom with each passing day.&nbsp; 
Like Rekt Capital, crypto analyst Mikybull Crypto also sounded confident that Bitcoin’s recent decline was just a part of the bigger picture for its move to the upside. They claimed this would be the “final shakeout before up, only rally to a cycle top.” 
Thomas Fahrer, the CEO of Apollo, also shared his bullish sentiment towards Bitcoin, as he suggested that the crypto token’s volatility is what makes it a great investment. “Price might fall to $40K, but it might rise to $400K. That’s just how it is, and it’s a great bet. Bitcoin is still the best asymmetric opportunity in the market,” he <a href="https://x.com/thomas_fahrer/status/1785450839815147634" rel="nofollow">wrote</a> on X.&nbsp; 
<h2 id="bitcoin-bull-run-is-far-from-over">Bitcoin Bull Run Is Far From Over</h2> 
Crypto analyst Ali Martinez <a href="https://x.com/ali_charts/status/1785239938381873522" rel="nofollow">suggested</a> that Bitcoin’s bull run was far from over while comparing Bitcoin’s current price action to the last two <a href="https://bitcoinist.com/bitcoin-bull-market-glassnode/" rel="nofollow">halving events</a>. According to him, Bitcoin consolidated for 189 and 87 days around the halving in 2016 and 2020, respectively, before the bull run resumed.&nbsp; 
<img loading="lazy" decoding="async" class="alignnone size-medium wp-image-606043 aligncenter" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin-price.png?w=460&amp;resize=460%2C365" alt="Bitcoin price" width="460" height="365" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin-price.png?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin-price.png?w=460&amp;resize=460%2C365 460w" sizes="(max-width: 460px) 100vw, 460px" data-recalc-dims="1"> 
He further noted that Bitcoin has only consolidated for 60 days this time around, meaning that the flagship crypto will continue its run eventually. In a subsequent <a href="https://x.com/ali_charts/status/1785322627696857234" rel="nofollow">X post</a>, the analyst stated that Bitcoin might be 538 days away from hitting its <a href="https://bitcoinist.com/bitcoin-breaks-through-69000-setting-new-record/" rel="nofollow">next market top</a> if it follows its trend from the previous two bull runs. 
Related Reading: <a href="https://www.newsbtc.com/news/ethereum/ethereum-rally-50-from-here/">Ethereum Flashes Bullish Signals, Can It Rally 50% From Here?</a> 
Before now, Martinez <a href="https://www.newsbtc.com/news/bitcoin/59800-important-level-bitcoin/#:~:text=Martinez%20mentioned%20in%20an%20X,drop%20to%20that%20price%20level.">mentioned</a> that Bitcoin could rise to a <a href="https://bitcoinist.com/bitcoin-breaks-through-69000-setting-new-record/" rel="nofollow">new all-time high</a> (ATH) of $92,190 if it breaches the resistance level of $69,150.&nbsp; 
At the time of writing, Bitcoin is trading at around $59,600, down over 5% in the last 24 hours, according to <a href="https://coinmarketcap.com/currencies/bitcoin/" rel="nofollow">data</a> from CoinMarketCap. 
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/lXCtDhR1/" alt="Bitcoin price chart from Tradingview.com" width="3286" height="1530">

Bitcoin Investors Remain Unmoved Despite BTC Drop Below $60,000, The Worst Is Almost Over

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