Charles Edwards, founder of Bitcoin and cryptocurrency-focused hedge fund Capriole Investments, talked about the recent decline in the BTC price in his statement.
BTC recently reached its all-time high price level around $74,000, but after the serious decline today, it fell to around $62,000. The world's largest cryptocurrency is trading at $62,812 at the time of writing.
However, in his last statement, Edwards said that a normal decline when the BTC price is in a bull market is around 30%. According to the analyst, even in December we broke the record for the longest earnings period in BTC's history.
In the analyst's opinion, a 20% decline would push the BTC price to $59,000, and a 30% decline, which is considered normal, would push it to $51,000.
The cryptocurrency market is currently waiting for the FED interest rate decision to be announced today. Almost all experts agree that the FED will leave interest rates unchanged tomorrow. The inflation rate in the USA has approached the FED's desired levels, but the economy remains strong. Experts expect three interest rate cuts this year, totaling 75 basis points.
*This is not investment advice.