Bitcoin price just saw the worst high timeframe correction in years, falling sharping by 50% and instilling fear across the market.
The turn in sentiment has everyone guessing where the now bearish cryptocurrency could fall to, but according to past cycles, it could get a lot worse before it gets better. Here’s more on why Bitcoin price could fall back toward $14K before the bear phase is over.
Bitcoin Yearly Candle Turns Bearish, But What About The Bull Market?
The arguments are all similar: if that was the top in Bitcoin this was the shortest and weakest bull market yet. The cryptocurrency would have fallen short of expectations by hundreds of thousands of dollars.
That thought alone could result in some extremely bearish sentiment – even more negative than what’s going on across the market currently.
Related Reading | Bulls Beware: Bears Have Only Now Taken Control Over Bitcoin
There are calls for $20K BTC as the bottom, which