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Bitcoin (BTC), which rose to the $100,000 mark last week, fell by more than 7% in the last 24 hours and fell to $91,500.
While these declines have investors panicking, CryptoQuant CEO Ki Young Ju said that declines in Bitcoin are normal.
CryptoQuant CEO X reminded that Bitcoin is still in a bull market in his post and said that Bitcoin could experience a 30% drop even during a parabolic uptrend.
Citing 2021 as an example, Ju stated that such pullbacks occurred repeatedly during Bitcoin's rise from $ 17,000 to $ 64,000 in 2021.
Additionally, Ju stated that he does not expect a major correction in Bitcoin, expecting short-term declines instead.
The famous CEO did not forget to warn investors lastly and said that investors should not make panic sales during short-term declines.
“Even in a parabolic bull run, Bitcoin could see 30% pullbacks.
Such corrections from 17K to 64K occurred repeatedly in the 2021 bull.
“This is not a correction call. Just manage your risk and avoid panic selling on local dips. We are in a bull market.”
Even in a parabolic bull run, #Bitcoin can see -30% pullbacks.
Such corrections repeatedly occurred during the 2021 price discovery from 17K to 64K.
This isn’t a call for a correction—just manage your risk and avoid panic selling at local bottoms. We’re in a bull market. pic.twitter.com/B5zpk7P0N9
— Ki Young Ju (@ki_young_ju) November 26, 2024
*This is not investment advice.