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Amid low prices, Bitcoin’s correction seen as healthy and temporary

Bitcoin is trading below $ 34,000, analysts at Fundstrat Global shed new light on the current price movement of the asset. Recent lows in BTC signify a temporary and healthy correction, according to Fundstrat’s David Grider. Before prices pick up on the main market trends.

Shortly after the BTC $ 40,000 surge, experts in the field also predicted a new wave of correction. On Monday January 11, Bitcoin was down about 20% by the end of the day. This could be due to several negative news, in the weeks following the ATH.

However, the digital asset is now trading at levels close to $ 35,000 and has risen 2.7% in the past 24 hours. Bullish traders continue to believe in the potential of Bitcoin to reach higher numbers. Especially amid the weak US dollar and growing institutional demand.

Recently, Glassnode analysts said Bitcoin had hit an extremely bullish level. Some executives have been bullish on the asset’s prices. Anthony Pompliano of Morgan Creek Digital predicted that Bitcoin would break through the $ 1 million price point. Raoul Pal estimates that Bitcoin would climb to $ 1 million in about five years.

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