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The recent cryptocurrency market decline on Friday might actually signify the initial phases of a bullish trend, stated a crypto trader.
“I believe there’s a very strong probability this is the onset of the bull market,” crypto trader Alex Becker declared in a video released on YouTube on Saturday.
“I think liquidating right now could be the most foolish decision you could ever make,” Becker remarked. Jan3 founder Samson Mow expressed a similar view in a post on X that same day, stating, “It’s time for Bitcoin’s next upward movement.”
Becker’s remarks followed the substantial market downturn on Friday, which overshadowed all prior declines, as Bitcoin (BTC) fell over 10% to $102,000 after Trump’s announcement of a 100% tariff on China. The $19.31 billion in liquidations surpassed ten times the losses experienced during the COVID-19 crash ($1.2 billion) and the FTX collapse ($1.6 billion).
The cryptocurrency market decline “just reset everything”
The crash generated significant concern within the global crypto community, but Becker labeled it a “huge overreaction,” insisting that the drastic decline “just reset everything.”
Becker posited that traders had become impatient after Bitcoin surged for a year while the remainder of the crypto market lagged behind.
“I believe that’s about to transform,” he said. “This has driven individuals to madness, and you’ve observed market makers merely pulling the switches up and down,” Becker added:
“Every action they take on the market is overreacted three to four times because people can’t just f##king wait a couple of months to achieve the profits they aspire to.”
According to Becker, the steep correction was partly fueled by “all-time impatience” among investors over the recent weeks.
Bitcoin’s price expected to rise in the near future, analyst suggests
Bitcoin reached a peak of $125,100 on Monday but still falls short of the $250,000 year-end predictions earlier made this year by figures like BitMEX co-founder Arthur Hayes and Unchained’s market research director Joe Burnett.
Related: Market crash ‘does not have long-term fundamental effects’ — Analyst
Crypto analyst Benjamin Cowen shares the same positivity as Becker. “I still think in the short-term it continues to advance,” Cowen expressed regarding Bitcoin, highlighting Bitcoin Dominance regaining 60% on Friday.
Economist Timothy Peterson was more reserved, informing Cointelegraph on Sunday that Bitcoin will likely enter a three to four-week “cooling off phase” prior to the asset continuing its ascent. “But perhaps at a more gradual speed than before,” he mentioned.
The broader industry is more dubious, with The Crypto Fear & Greed Index, which gauges overall market sentiment in crypto, registering an “Extreme Fear” score of 24 in its update on Sunday.
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