Bitcoin lost a whopping $6,500, dropping in value to $29,000. According to Tradingview, the intraday high for BTC was $35,500 and is currently fixed at $30,000.
Since its all-time high of $42,000, which was recorded on January 8 this year, the price of bitcoin has corrected by 30%. The most recent bull rally in 2017 saw many 30% corrections on the way to the all-time high of December 2017.
Max KEISER and other bitcoin bulls see this period as an opportunity for a profitable purchase of cryptocurrency. According to technical analyst Altcoin Sherpa, the larger correction and formation of the base on which the asset is consolidating for a while are optimistic for long-term growth going forward.