- Bitcoin (BTC) is currently at a market correction phase.
- Price of BTC dropped down by 17% since its ATH .
- BTC expected to surpass this market correction, hitting $80K around Christmas.
What else to say! The crypto industry won’t always be a bed of roses or a sliding cakewalk and true to the fact it does have all its ups and downs. Predominantly taking the Bitcoin (BTC) into main consideration here, the prices of BTC has dropped down evidently.
In spite of this, many market analysts term that this correction is quite steep down. Accordingly, the prices of BTC have fallen by a whopping 17% ever since hitting its ATH. Just the start of the month of November, BTC started surging up exponentially reaching its newer ATH by everyday.
And so, by November 10, BTC hit a massive strike at $69K making it the highest ATH so far ever. But, since then the prices started to dwindle down and hit a floor hard of $56K.
However, the steep correction is predicted by many to get over soon. Whether it would continue or bounce back is truly a question mark.
Yet, analysts depict that by the end of 2021, around the Christmas time, BTC will be hitting it’s target of $80K dominantly.
The Market Correction
Despite such a market fall down for the BTC, analysts term that such corrections are usual. Moreover, they term that such corrections from the bull periods are necessary for the next cycle to prevail.
Also, note the fact that Ethereum (ETH) has displayed a greater performance than BTC with lesser market corrections for the year 2021.
Besides, this current correction is obviously the least seen for BTC for the year 2021. Previously, the correction of the April to July period of market crash witnessed the worst correction accounting for a fall by 54%. This was followed by September’s correction which amounted to 37%.
Christmas Target of $80K
Whatsoever, crypto analysts term that by Christmas eve and by the year’s end, BTC would hit rock solid of $80K. However, the market correction is not steep enough for such a hit.
Nevertheless, with the current Omicron in play things may change and maybe BTC will shine on the brighter side.