The Bitcoin price fell quite spectacularly yesterday, to a low of $1,587.69 but has recovered back to $1,653.43. A near $200 fall from the latest all-time high.
I don't believe this is a correction. Many traders make money by day/week trading the peaks and the dips. Rather than long-term holding, they operate in markets and trade off the charts and news.
I don't believe this is related to the NHS/Global ransomware hacking news, raising wider awareness of Bitcoin for criminal purposes. The dip had started before this news broke.
I don't believe the bubble has burst, while other coins have also dipped, many have shown strong growth.
For me, these are natural Bitcoin price fluctuations, as I said yesterday, markets do not move up in straight lines, and you just have to follow the charts to track this. Spectacular dips will follow spectacular price rises, and this is the nature or Bitcoin.
I still see considerable strength with Bitcoin, wider news coverage, greater institutional investment, more countries legislating for the legal adoption of crypto.
Yesterday I shared an article where the analyst notes the price could drop back to under $1,200. Personally, I think resistance levels will be tested heavily around $1,550, if the price can hold then we will see sharp rises again.
I believe the price will test $2k by the end of the month and could test $5k by the end of the year.