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On Sunday (December 27), according to data from TradingView, the Bitcoin price fell on COINBASE from a high of $28,345 (at 11:17 UTC) to a low of $25,772 (at 21:21 UTC), a fall of $2,573 in just 10 hours. One prominent crypto analyst calls this correction “healthy.”
Crypto analyst/trader Michael van de Popp said yesterday (December 27) that Bitcoin is “undergoing a very healthy correction.”
#Bitcoin undergoing a very healthy correction as it went quite vertical.
Might be the temporary top for now.
What's next? Consolidation, sideways action, less volatility.
Giving space to the rest of the markets to pace up.$BTC pairs doing well.
— Michael van de Poppe (@CryptoMichNL) December 27, 2020
Tyler Winklevoss, Co-Founder and CEO of digital asset exchange Gemini, would not be surprised if the Bitcoin price reaches $30,000 by the end of the year seeing as how the Bitcoin price seems to be breaking new all-time highs with ease at the moment.
27k #Bitcoin on the 27th. If we go a grand a day, we’ll breach 30k by the new year
— Tyler Winklevoss (@tyler) December 27, 2020
Samson Mow, the CEO of Pixelmatic, a Shanghai-based video game development firm, and the Chief Strategy Officer (CSO) of Blockstream, believes that you are getting a bargain if you manage to buy Bitcoin at any price below $30,000.
Buying #Bitcoin at any level under $30k is an incredible deal. It's like buying sub $1k just after the 2016 halving.
— Samson Mow (@Excellion) December 27, 2020
Van De Poppe correctly pointed out on December 26 that “the retail hype is not even close to the previous all-time high at $19,700 in 2017.”
#Bitcoin above $26,000 while the retail hype is not even close to the previous all-time high at $19,700 in 2017.
Bull market.
— Michael van de Poppe (@CryptoMichNL) December 26, 2020
However, it is worth noting that, according to The TIE, during this past weekend, there were more Bitcoin-related tweets than any previous weekend ever.
Mainstream #Bitcoin enthusiasm is returning.
There were more than 80,000 Bitcoin tweets today, that is the most Bitcoin tweets on a weekend, ever. Including 2017/2018 ????
— The TIE (@TheTIEIO) December 27, 2020
Featured Image by “SnapLaunch” via Pixabay.com
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.