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Bitcoin’s Rally Isn’t Over – But a Drop to $110K Could Be Just What It Needs
The ongoing rally in the cryptocurrency market has taken many by surprise, with Bitcoin (BTC) recently breaking past the $120,000 mark. While some may be quick to dismiss this latest surge as a fleeting phenomenon, QCP Capital believes that a correction to $110,000 could actually provide much-needed consolidation for the asset.
As the world’s largest cryptocurrency, Bitcoin has been defying expectations and continuing its upward trajectory despite numerous headwinds. However, it is precisely these challenges that have led many experts to warn about impending doom. The recent profit-taking flows that capped the momentum built over the past week have merely confirmed this narrative.
Despite the initial pullback, the asset eventually found a local bottom at $116,000, where bids re-emerged to support the price. QCP Capital has suggested that another drop toward $110,000 may be exactly what Bitcoin needs in order to stabilize its current rally.
Source: cryptopotato.com
