A steady drop of 40% from a record high of USD 69,000 in November dampened investor enthusiasm. Both the Bitcoin and Altcoin markets have described the scenario as “extreme tragedy.”
According to TechDev, who is known for his upbeat views on Bitcoin’s future, “there is nothing to be concerned about.” He demonstrated that previous year’s situation (new wallet address numbers plummeting highs while prices rise) is far from unique by analysing the new wallet address in connection to price behaviour.
The prior price drop has also made the news, as investors fear that the BTC/USD exchange rate would witness unusually big changes owing to a lack of liquidity. Overall, though, price behaviour at the Fibonacci level is within historical norms, TechDev added. As a result, there’s no reason to suppose that new highs won’t be set before the bearish phase ends.
“Since February 2021, current fixes have been performed between the same two log fib cycles. Fixes are done on a regular basis, local volumes are lowered, and new addresses are introduced,” he concluded.
Overall, investors and experts believe that price falling is a normal part of the market cycle, and that the price of Bitcoin will increase again eventually.
