Bitcoin is getting cheaper, but there is no reason to panic yet
The upward movement continues to develop – for a hike towards new price records, as a rule, a correction is required to gain strength. The next target is the level of $75.2 thousand. A correction is possible to the levels of $60.8-56.5, while a move below $53.2 seems unlikely. It is possible to talk about a trend change only if prices go below $ 46.2. This scenario will imply the beginning of a long-term correction period.
In the current situation, it is worth remembering that the main institutional players are still in long positions and continue to increase them during the price decline. This is evidenced by both the CME information, where derivatives are traded, and the absence of some kind of over-positive news noise used to attract a crowd to the market, which will be able to sell their coins at inflated prices. In other words, a climax is required for the end of the movement, and there has not been one yet.
During the correction, it is worth selecting the most interesting tools for the purpose of long-term storage.
For example, Decentraland is a project that began developing metaverses long before Zuckerberg’s recent announcement and the rebranding of Facebook (NASDAQ:FB). Or he will turn to coins that are traded at their minimum levels and have not participated in the recent price increase, for example, Internet Computer, a project engaged in building the next version of the Internet.