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Bitcoin (BTC) Crash: Don’t Panic, It’s Still Fine, Shows Top Analyst
Bitcoin has recently plummeted below $88,000, sparking concerns among investors and traders. However, a top analyst from Cowen believes that this significant drop is just a correction in the grand scheme of things. According to their analysis, Bitcoin frequently experiences periods of low volatility and range-bound trading following large rallies.
This means that we might see a period of consolidation before the cryptocurrency decides on its next move. Those with a macro perspective and long-term holders are advised not to overreact to transient price swings, but rather take this opportunity to accumulate and reassess their positions.
Bitcoin’s recent decline has been fueled by concerns about interest rate hikes and potential market manipulation. Despite these factors, Cowen’s research suggests that there is still no fundamental change in the cryptocurrency’s prospects.
In conclusion, it is essential to have a rational approach when dealing with market fluctuations, particularly at this scale.
Source: u.today
