Bitcoin Faced its First Massive Correction in 2020-2021 Bull Run

Bitcoin has plummeted to $30K for its first correction during the current bullish trend. A massive selloff knocked BTC off 15% just in 24 hours, making out the lowest mark since January 4.

Bitcoin Faced 30% Drop

The cryptocurrency market and BTC especially are facing a massive drop this Friday as the selloff that started on Thursday, January 21, is continuing since the Asian trading session. In the meantime, BTC has lost a significant $6,500 since yesterday and fell down to $29,000. For now, its current price has reclaimed the $30,900 mark.

Since the time when Bitcoin faced its All-Time High of $42,000 this year on January 8, today its price saw a massive correction of 30%, which is an obvious trend if we look at previous market cycles. It’s a well-known fact that the correction is sensible and has to happen, but the speeds at which things occur on the cryptocurrency market will not mercy anyone. If we come back to the 2017 Bull Run Bitcoin then saw multiple 30% corrections until its ATH in December 2017.

Bitcoin Bulls are Optimistic

There was no doubt that Bitcoin advocates, such as Max Keiser are obviously not worried and optimistic, considering this trend as a buying opportunity:

“Buy these cheap sats y’all. I’m stackin hard!”

Technical analyst Altcoin Sherpa asserts in his Twitter that the current huge correction is totally bullish for longer-term gains:

“Personally, I would love for a big base to be formed and for a price to go a bit lower. The bigger the pullback, the larger the base and thus a higher % chance of $BTC going to 100k+ in later 2021 IMO.”

Many believe that the $30k level must hold, but as we saw previous bounces could lead to lower points, meaning the correction is not over yet.

Plan B is way optimistic and ensure the crypto community that his price model is still relevant, even with a 30% correction:

“$31.5K bitcoin feels low compared to $40K … but did you really expect BTC price to front-run S2F model already? S2F model is right on track, like clockwork. Patience!”

Altcoins` Bloody Friday 

It’s not a surprise that altcoins are now following their big brother into the deep. The total market cap has dropped by $150 billion in just 24 hours and is currently around $870 billion.

Ethereum lost 15% and now is back to $1,150; Polkadot in turn fell below $16. Other alts such as Bitcoin Cash, Cardano, Chainlink, and Stellar lost even more.