During the turbulence in the cryptocurrency market, it is necessary to remember that a correction from the maximum marks by 20-30% is quite a typical situation for digital assets. Thus, there is no reason to panic: BTC continues to move in the ascending channel, which was formed back in July and within it, the cryptocurrency may fall in price to $ 53 thousand – the lower limit of the channel – before going to new highs around $ 75 thousand.
If we consider the current situation in the short term, the probability of a further decline in quotations is still present. There are almost never non-stop movements in the market, so this time the strengthening of BTC by 6% from the recent low of $ 55.9, apparently, is only a correction within the framework of a short-term downward trend to the lower limit. Thus, purchases of the main cryptocurrency at current levels should be approached carefully.
There are no serious information guides yet, but there are still reasons for optimism.
Gradually, the top cryptocurrencies stop moving in unison and correlate less and less with each other. If earlier, during the fall of BTC, other assets also flew down, now you can notice a decent increase in prices for such projects as, for example, Avalanche (+40% per week), Crypto.com (+70%) and Elrond (+45%). This indicates the maturation of the industry and inspires hopes for its further development outside the context of binding to a single asset.