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Is Bitcoin’s Major Correction on its way?

Bitcoin is doing well recently. Analysts from everywhere are excited about bitcoin reaching an all-time high again, and many believe that the asset is on the peak of jumping further.

Is Bitcoin about to Drop?

Some have warned that a correction is coming, and while the asset does exceptionally well as of now, it is not the time to purchase new units. Ian Balina, the chief executive of Token Metrics, stated that the price of Bitcoin could fall to a low as $14,000 in the next weeks.

In an interview, he states:

Bitcoin is performing better than expected. While still bullish long term due to macro-economic factors and large corporations getting into crypto, we expect bitcoin could correct back to around $14,000 by the first week of December.”

It is hard to believe at this point, considering that it is already in the first week of December, and this has not happened. But he doesn’t appear to be alone in his sentiment, for the other industry analysts have been telling their followers to lay off buying the world’s top cryptocurrency by market cap for a little while.

The chief economist at Chainalysis, Phillip Gradwell, also issued a warning, telling all that who will listen:

“The bitcoin price is being driven by demand for a safe haven asset. This has been building since mid-March. Since then, over one million bitcoins have been bought by investors, mostly from western exchanges. This growth in demand is meeting a shrinking supply, as fewer and fewer bitcoin holders are willing to sell, with the supply of bitcoin liquid and available to buy as low as it was in mid-2017, before the previous bull run.”

If the currency drops down to its price last 2017, the asset will have to shed more than $15,000 off its current price. It would be a severe loss to the asset and likely put many people back in the similar mind frame they have at the end of 2018 when after a year of steady decrease, BTC crashed and reached a price of around $3,500 per unit.

Things will be the same.

Not everyone is persuaded that the future will hold gloom and doom for bitcoin. A trader from GSR says that many investors, including him, think that the asset will maintain its bull run in the next months.

He mentioned:

Belief is growing that we could reach $20,000 before the end of the year. More importantly, investors believe that this rally is sustainable. Many signs point towards that.”

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