Cryptocurrency analyst PlanC recently weighed in on concerns over the ongoing Bitcoin correction and whether it signals the end of the bull market.
This bull cycle is different from 2017, which saw multiple short-term overcorrections followed by rapid recoveries, according to PlanC. Instead, he predicted that the “pain” investors will feel this cycle will be more about time than percentage declines.
“There will be fewer, lower percentage corrections throughout the bull market, which is different from the 2017 cycle, which saw many short-term, extreme corrections and rapid reversals,” PlanC said. While this cycle will feature longer periods of consolidation, many investors may misinterpret this as a sign of a weakening bull run, PlanC said. Prolonged downtrends could erode confidence as fear-driven rhetoric becomes prevalent among investors.
Despite these concerns, PlanC remains optimistic, suggesting that extended consolidations this cycle will create stronger support levels. “We have a chance for a long bullish period in this cycle, as stronger support is built throughout the bull market from these long consolidation periods on the way up,” he said. He described this as a more sustainable bull market supported by real adoption and increasing integration of Bitcoin into global financial systems.
PlanC added that he has not sold any of his Bitcoin holdings since the market hit its lows in March 2020.
*This is not investment advice.
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