BTC price momentum started in October and helped the world’s top cryptocurrency make significant strides, gaining nearly $10,000 in the past month.
The Bitcoin (BTC) price recorded a sharp correction on Dec. 11, dipping 7% and wiping out the gains of the past seven days. The strong price correction pushed BTC to a four-month low of $41,329.
A decline in prices of altcoins followed the Bitcoin price correction, many of which recorded double-digit drops. However, market pundits and analysts believe the recent price crash is a part of the ongoing price cycle, and after two months of bullish surge, a correction is no surprise.
Crypto analyst and co-founder of Reflexivity Research Will Clemente said that correction and market volatility shake out weak hands and cool the highly leveraged crypto markets.