Bitcoin hitting $59K would be ‘extremely healthy,’ says trader as BTC price retreats
A correction continues for Bitcoin during Friday, but it may not be over yet, and analysts are far from worried.
Bitcoin (BTC) dipped below $64,000 on Nov. 12 as its comedown from new all-time highs continued to unnerve.
BTC: Consolidation becomes down move
Data from Cointelegraph Markets Pro and TradingView captured fluid market conditions on Friday, with BTC/USD acting in a $2,000 range.
The pair had spent the previous day tracing sideways — behavior that was now showing signs of breaking down.
For popular analysts, however, such BTC price action was not only expected but welcomed.
Sideways 🙂
— Willy Woo (@woonomic) November 12, 2021
“A drop to 59-61k followed by some consolidation would be the best way to continue the bull-run in my opinion,” Twitter trader Galaxy added.
“Might not happen but it would be extremely healthy for both $BTC and alts. Be prepared either way.”
Funding rates remained slightly elevated on exchanges — with the exception of Binance and Bybit — further hinting that a potential price dip could follow.
At the time of writing, BTC/USD fluctuated below the $64,000 mark, down $1,000 in a single hourly candle.
Larger losses loom for altcoins
It was a similar story among altcoin markets, with Ether (ETH) matching Bitcoin’s roughly 2% daily losses.
Related: Analysts say Bitcoin price ‘dips are transitory,’ suggesting BTC will soon head to $75K
Several of the top 10 cryptocurrencies by market capitalization saw deeper losses of 6% or more, these including high flyers Solana (SOL) and Polkadot (DOT).
The overall cryptocurrency market cap thus fell below the $3-trillion level after hitting it for the first time earlier in the week.
