Trader Eric Choe, who has seven years of experience in both cryptocurrencies and the stock markets, tweeted his views on the ongoing correction and the possibility that bears will wipe out April’s Bitcoin gains.Choe stressed that the correction below $ 9,000 is something that Bitcoin does very well. So bulls shouldn’t be afraid of it. But the time for dips may not be there yet.He believes that Bitcoin is on another big or small slump as the next level, so the market should be prepared for accumulation. The interesting thing about his analysis, however, is the size of the drop.
Bitcoin unlikely to drop
According to the trader, it looks like Bitcoin is unlikely to drop below the March lows. The March low was on some spot exchanges on March 12, 2020, Black Thursday at $ 3,700, on a platform even $ 3,200.Bulls should not rule out that such a reset is possible. Choe is ready for such a condition.In addition, this cautious valuation would change in the event of a major institutional buyer invasion of the crypto market.As a user wrote on Reddit, the largest crypto fund manager has currently had over 26,000 BTC since the beginning of this year, which are in the Grayscale Bitcoin Trust. These coins remain blocked for 1 year.