Bitcoin plunges 15% in 2 days, is the correction over? Observe and judge the historical trend of BTC

Bitcoin dropped to a low of $60,000 around 4 a.m. this morning, and fell by more than 15% in two days. In this regard, Glassnode analyzed historical data and said: BTC has experienced multiple corrections of 10% to 25% after breaking through ATH in the past, and it is expected that it is still in the early stages of a bull market.
Bitcoin was affected by rising tensions in the Middle East over the weekend, and Iran confirmed this morning that it had launched a large number of drones and missiles towards Israel.

It has fallen all the way from Friday's high of $71,230, hitting a low of $60,000 earlier, with a maximum drop of more than 15% in two days.

Glassnode: It is normal for a correction of more than 10% in the bull market stage, and it is expected to be still in the early stage of the bull market

Bitcoin's sharp decline has once again heated up discussions among investors about whether to enter the market at dips.

In this regard, Glassnode, a well-known encryption data analysis company, issued an article over the weekend saying: Judging from the price trend after BTC broke through the all-time high (ATH), the current Bitcoin bull market frenzy stage (price discovery stage) may still be in its early stages.

As can be seen from the data analysis chart provided by Glassnode below, after breaking through ATH in the past, Bitcoin prices have experienced retracements of more than 10% on many occasions, and retracements of more than 25% are also very common; and in this cycle (black (line), since Bitcoin broke through its all-time high, there have only been two declines of more than 10%.

However, readers should also be reminded that although the current situation in the Middle East seems to have eased, the Iranian UN delegation issued a statement at 6 o'clock this morning stating: Iran's military operations are conducted in accordance with Article 51 of the United Nations Charter regarding legitimate defense...Currently This matter can be regarded as closed. However, if the Israeli regime makes another mistake, Iran's response will be even harsher.

However, if the Israeli government further strikes back against Iran, the current conflict in the Middle East may intensify again, making the overall economic situation more complicated, and investment needs to be cautious.

Current price status of the top ten tokens

Affected by Bitcoin's decline, other top ten coins generally fell. In the past 24 hours, except for BNB, which fell slightly at 5.7%, other tokens fell by more than 10%.