Bitcoin Price Drops Below $60K – What’s Next?
Several scenarios to consider, but the bottom of this correction seems to be reached.
Nothing is easy in the Bitcoin world. That's what makes everything Bitcoin has already accomplished since its inception so special. Everything Bitcoin has achieved, it has had to earn through the willingness of its users to bring to life this incredible monetary revolution based on a major technological disruption invented by Satoshi Nakamoto.
I think it is important to remember this as the price of Bitcoin experienced a leverage shakeout on November 15, 2021, which brought its price below $60K for the first time since November 1, 2021.
Many are starting to panic that this Bull Market is already over. As I wrote recently, this Bull Market is far from over in my humble opinion. On the other hand, you should always be prepared for this type of movement to occur in the Bitcoin market. Bitcoin is a free market, the only truly free market in the world, and volatility is part of the game.
It is even more so with the long and short positions taken by some. This can cause sudden drops or rises in the price of Bitcoin when we see massive liquidations. This is exactly what happened on November 15, 2021, with over $250 million in long positions being liquidated in the Bitcoin market:
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