Bitcoin’s market reversal is needed for these three events to occur.

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There has been a discussion about the recent market correction. The cause of the drop has been due to a variety of causes, the most notable of which are Elon Musk‘s BTC announcement and reports about China’s crypto mining ban.

During this major pullback, two possibilities played out:

  • Short-term hodlers sold at a loss.
  • Miners and long-term hodlers accumulated coins. Ergo, buying the dip

The same can be observed in this Glassnode based analysis

With fear being a prevalent market sentiment, many long-term crypto proponents voiced their confidence in the crypto-markets.

 

CZ had previously stated that corrections were essential “for: 1) building support levels; 2) let people take profit, and 3) most importantly, shake out weak hands, which helps to build a strong foundation.”

RECOMMENDED READ:  Yearn.finance, CRV, and SUSHI are expected to follow this pricing strategy.

Another trader and analyst stated:

 

Many popular traders have continued to express their confidence in large-cap alts as well. Crypto trader and analyst, Crypto Capo opined his bullish narrative towards one of the hot trending alts, Cardano (ADA). At the time of writing, the flagship coin traded at the $1.50 price level.

Crypto Capo’s tweet stated:

ADA long-term roadmap (potential) I can see this happening.”

Furthermore, he justified by attaching the price chart:

Source: Twitter

He reiterated a similar bullish narrative in another tweet.

Various analysts and traders, including Rekt Capital and Dutch trader Poppe, have recently expressed their bullish views on ADA. Google Trends data shows that there is a lot of interest in altcoins.

Source: Google Trends

IOHK CEO Charles Hoskinson in his AMA session was also quick to acknowledge an important aspect of market setbacks. He said:

“Welcome to crypto. That’s how crypto works. It goes way up, it goes way down. You guys can’t get 900% gains without expecting some pullbacks.”

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