Bitcoin’s Recent Dip is “Very Normal Bull Market Behavior,” Analyst Says
Bitcoin (BTC) fell below weekly lows on Friday, reaching as low as $65,600 after hitting fresh all-time highs.
However, market observers remained calm, attributing the dip to typical corrective moves within a broader uptrend.
Popular commentator On-Chain College, which boasts over 52k followers on X, noted that a 10% retracement in Bitcoin’s price is normal during bull runs, contrasting it with the possibility of greater than 30% corrections.
With the majority of the supply sitting in unrealized profit after the strong move to all-time highs, On-Chain College described the Bitcoin dip as “very normal bull market behavior.”
“This drop is after a strong move to all-time highs with >95% of the supply sitting in unrealized profit,” the user wrote . “Nothing to see here, very normal bull market behavior.”
Amid the recent market correction, discussions about the potential depth of the market decline has emerged.
Trader Credible Crypto highlighted a block of bid liquidity around $64,000 as a logical level to expect a bounce or reversal, given the significant decrease in open interest (OI) during the drawdown.
“This would be a logical place to expect a bounce/reversal if we get it along with a wipe of the remaining built up OI,” the user wrote.
Didn't get that push higher and instead it looks like this is the drop we've been looking for playing out now.
Note that this recent drop has wiped most of our built up OI- but we still have a bit more room to go before hitting the "baseline" so we could go lower to the green… https://t.co/KSoPGIqGiL pic.twitter.com/GDF4PydxqJ
— CrediBULL Crypto (@CredibleCrypto) March 15, 2024
Meanwhile, trader Jelle compared the current correction to historical patterns, pointing out that the
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