Why An 18% Drop In Bitcoin Could Still Be Bullish

Bitcoin is currently experiencing a downward correction after the price moved past $50K on Monday. While corrections down are to be expected with such a rally, indicators point to this being a bearish scenario for bitcoin. The price looks set to drop further after this correction. This would most likely see bitcoin lost a good percentage of the gains it had made last week. Related Reading | South African Man Loses $900,000 Worth Of Bitcoin After Accidentally Deleting Keys Even though bearish scenarios look negative for the market at large, this scenario is most likely going to play into the favor of bitcoin. Bullish indicators are much easier to spot as indicating an upward trend. But bearish indicators can do as well a job when it comes to speculating on the movement of the digital asset. This current bearish scenario puts BTC in a position to experience a significant downward drop from here on out. Bitcoin Set To Lose 18% Current trends, when compared to that of the previous bull markets, show that a bearish situation is most likely the next setup for the digital asset. This scenario would see the price of bitcoin drop 18% in the coming weeks. Leading to a price drop that would put the floor of the downtrend at $41. This meaning bitcoin would end up losing over $9K from its recent high of $50K. BTC set to witness an 18% drop | Source: Twitter While an 18% price drop is significant, this is needed to complete a setu...