Massive congestion on the Bitcoin network over the last few hours has caused fees to soar and roughly 500K unconfirmed transactions to amass. This might have had an effect on Bitcoin's price, which has dropped below $28,000 and caused the market capitalization of all cryptocurrencies worldwide to drop by almost 3% to $1.15 trillion, diminishing its dominance by almost 0.26%.
Bitcoin's recent rallies have shown a strong link with one another. No matter if the price movements are part of a rally from 2011 to 2014, a rally from 2014 to 2017, or a rally from 2017 to 21, they have always taken the same divergence at each moment. The 2022–25 rally appears to be closer to being triggered based on recent market moves, which might push the price beyond $100,000.
Therefore, Mostache, one of the well-known experts, explains why the present Bitcoin Dip is nothing more than a gift.
The analyst here is looking at the 2019–20 rally, where the price fell below the falling trend line and then began a nice upswing after a parabolic comeback. A similar pattern can be seen right now as the BTC price attempts to hold off the critical levels by bouncing off each contact. After a brief retest, the BTC price has completed the correction phase and is getting ready to rise.
Therefore, it appears that a strong upswing is about to begin as the price has risen from levels around $5000 to mark the current ATH of almost $69,000. With the spike in liquidations in light of longs and the equity market’s turmoil, Investors and traders hold cynicism around the short-term prospects of Bitcoin price. Checkout bitcoin price prediction for 2024 and how halving will affect the BTC price in 2024.
https://coinpedia.org/price-prediction/bitcoin-price-prediction/
“One gets the feeling that people panic more after a 5% dip in BTC than in the entire correction in 2022,
Zoom out. Dips are still gifts. Nothing has changed,” he says.