The cryptocurrency market witnessed a sharp decline today, with Bitcoin (BTC) and altcoins experiencing significant pullbacks.
While this decline worries some investors, analysts generally say that such corrections are normal and are opportunities for buying.
Evaluating the decline at this point, Santiment stated that this decline was seen as a buying opportunity by some investors and said that this correction was the sharpest decline in the last 4 months.
Pointing out that the recent decline created FOMO among buyers, Santiment said the following in his post:
“Cryptocurrencies, especially Bitcoin, experienced a sharp correction. At this point, the correction of cryptocurrencies caused some concerns among investors. These caused BTC and altcoins to experience the fastest decline in 4 months.
Despite this sharp decline, the majority of investors see the decline as an opportunity and try to buy at the bottom.
At this point, there is a high level of buying desire among investors. This means that many investors think that current levels are an opportunity to buy at the bottom.
This means there is often overzealousness and FOMO at these low prices. “
BTC, which dropped to $ 40,400 with its decline, continues to be traded at $ 41,880 at the time of writing.
*This is not investment advice.