Bitcoin’s uptrend is currently slowing as the leading cryptocurrency has been down by 10.47% in the last 24 hours, trading at $45,213 at the time of writing, according to CoinMarketCap. This outcome is linked to the fact that risk assets are experiencing a global sell-off, and bond yields are surging on the expectation that inflation will continue to rise.
Nevertheless, crypto trader Carl Martin tweeting under the pseudonym The Moon believes that Bitcoin (BTC) may be getting ready for a monumental move because the present price correction may a temporary pullback before the cryptocurrency surges higher.
BTC is not a stranger to numerous steep pullbacks in a bull run, as acknowledged by Bloqport. The crypto data provider explained:
“Historically, Bitcoin goes through multiple steep corrections in a bull run. Between 2016 to 2017, we saw at least six. On Nov 13, 2017, BTC hit a low of $5,844 then hit $20,000 34 days later.”
The crypto trader, therefore, believes that…