• Sun. Jun 23rd, 2024

Bitcoin will not Witness Correction this Time, Says Dan Held

Christian Klausen

ByChristian Klausen

May 4, 2021

It is a known fact that no asset, whether in stocks, forex, or crypto market, can make a sudden and arrow-like climb to hit a new price point. That process has to be subtle, full of high and low bumps and haphazard patterns. When a bull run for a cryptocurrency says Bitcoin is about to end, usually, there is a bearish run accommodating the asset and making corrections in its price, i.e., bringing the overall value and price of the asset down for a considerable length. 

But according to Dan Held, the overseeing officer and head of the growth department, the devastating correction might not become the fate of Bitcoin this time around. In a podcast, Held shared his thoughts about when it might be a possibility in the case of Bitcoin. According to him, if Bitcoin manages to cross $300k, then the bullish run accommodating the crypto that time around would be so powerful that there won’t be enough sellers available to drive the price of the asset down.  

Bitcoin might not Run into a Bearish Run this Time

He went further on “As the prices of bitcoin took a subtle and consistent beating in the past week or so, all the bears came grinding out, pointing their guns at Bitcoin in a state of panic and marching a parade up and down the stream about selling all of the Bitcoin other investors have. We were right all along, see Bitcoin is going to crash and when the market stabilized the bears went away to the same caves these came out of in the first place.” The point here is that unlike the previous bull runs where Bitcoin did see about 80% correction taking place, what if the market rebounds to such an all-time high that sellers become tempt to wait for another price bump before clearing out their stash of Bitcoin? In this case, there will be no bearish run at the end of a bullish one for Bitcoin.

Christian Klausen

Christian Klausen

Christian Klausen is a talented news writer renowned for his compelling storytelling and comprehensive research. With a sharp eye for detail, his articles offer readers a thought-provoking and well-informed perspective on a wide range of current topics.

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