Bitcoin price in a flash found itself below $50,000, only weeks after the top cryptocurrency set a higher high. End of year price targets for $100,000 or much higher are now no longer within striking distance, thanks to a rare bull market corrective pattern that few saw coming. But although Bitcoin has fallen “flat” on its back, it could be the last time the cryptocurrency does so before the conclusion of the bull market cycle. The Shocking Correction Crypto Die-Hards Didn’t See Coming Ask most investors in Bitcoin what their thesis is, and the majority would probably point to the cryptocurrency’s scarce supply, the halving, or the stock-to-flow model. The cyclical behavior related to the halving every four or so years is all that’s ever existed historically and all the masses have to go on. The stock-to-flow model takes scarcity and the halving into consideration, to predict prices as high as $100,000 to $288,000 in December 2021. Instead, each coin trades today at $49,000. Related Reading | Finding Fibonacci: Is Bitcoin Beginning A “Golden” Recovery? Also throughout history, each time Bitcoin price made a significant higher high, it continued in a parabolic uptrend. This time, however, was different. The leading cryptocurrency by market cap set a new high above and beyond its April peak, but has since corrected back down by as much as 38%. So what gives? Well, the first clue to ...
