<\/p>\n
The Bitcoin (BTC)\u00a0price recorded a sharp correction on Dec. 11, dipping 7% and\u00a0wiping out the gains of the past seven days. The strong price correction pushed BTC to a four-month low of $41,329.<\/p>\n
A decline in prices of altcoins followed the Bitcoin\u00a0price correction, many of which recorded double-digit drops. However, market pundits and analysts believe the recent price crash is a part of the ongoing price cycle, and after two months of bullish surge, a correction is no surprise.<\/p>\n
Crypto analyst and co-founder of Reflexivity Research Will Clemente said that correction and market volatility shake out weak hands and cool the highly leveraged crypto markets.<\/p>\n
\nBTC just ~doubled in 2 months with no pull backs, a correction is not that surprising. <\/p>\n
Corrections shake out \u201cweak hands\u201d and leverage, allowing for a stronger foundation for eventual moves higher.<\/p>\n
Bitcoin\u2019s volatility is a feature, not a bug.<\/p>\n
Chill with the leverage https:\/\/t.co\/BdvvS8KDZU<\/p>\n
\u2014 Will (@WClementeIII) December 11, 2023<\/a><\/p><\/blockquote>\n
Crypto trader Remen wrote in an X (formerly Twitter) post that he believes the recent dump could push altcoins into another bull run. He added that it will take a long period of chops for Bitcoin to resume an uptrend, as Bitcoin dominance has topped out.<\/p>\n
\nI told you about flash dumps repeatedly <\/p>\n
Now dump is completed <\/p>\n
It will take a long period of chops for Bitcoin to resume uptrend <\/p>\n
Bitcoin dominance topped <\/p>\n
We now entering proper ALT SEASON<\/p>\n
BE POSITIONED <\/p>\n
Tears of regret don\u2019t taste great<\/p>\n
\u2014 RamenPanda (@IamRamenPanda) December 11, 2023<\/a><\/p><\/blockquote>\n
The sharp market decline on Monday, Dec. 11, also liquidated over $400 million of crypto-leveraged positions, clearing the market. However, the Bitcoin price has since recovered above $42,000.<\/p>\n
Related: <\/em><\/strong>Bitcoin dominance threatens \u2018likely top\u2019 despite BTC price eyeing $45K<\/em><\/strong><\/p>\n
BTC price momentum started in October and helped the world\u2019s top cryptocurrency make significant strides, gaining nearly $10,000 in the past month. Hitesh.eth, another crypto analyst, pointed<\/a>\u00a0toward the price breakout of BTC after nearly six months of sideways price action.<\/p>\n
BTC price has gained 50% since the price breakout toward the end of October. Hitesh.eth pointed toward on-chain data suggesting that accounts with over 1 BTC continuously bought BTC, and whales were accumulating. The institutional inflow and rising interest of financial giants amid a push for the first spot Bitcoin exchange-treaded fund has built the right momentum for BTC before the key Bitcoin reward halving event in April 2024.<\/p>\n
Magazine: <\/em><\/strong>Web3 Gamer: Games need bots? Illivium CEO admits \u2018it\u2019s tough,\u2019 42X upside<\/em><\/strong><\/p>\n
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