Bitcoin (BTC) Entered Consolidation After the Latest Price Surge, Leading to Minor Price Pullbacks

Bitcoin entered into a consolidation after the latest price surge, leading to minor price pullbacks. BTC registered a bearish weekly candle for the first time in the past six weeks.

Bitcoin (BTC) entered into a consolidation after the latest price surge, leading to minor price pullbacks. BTC registered a bearish weekly candle for the first time in the past six weeks. However, many retail investors feel disappointed, probably because the recent momentum did not push BTC above the existing all-time high.

In his latest podcast, Ben Armstrong, a renowned crypto analyst, berated the retailers’ reaction following the slight pullback in the crypto market. According to the analyst, pullbacks are normal during bull runs, and investors must expect them to happen. The analyst explained why crypto users’ panic is unjustified, noting that the market might experience a deeper pullback without changing the overall narrative of a bullish trend.

Although the analyst’s argument is substantive and highlights the crypto market’s classic behavior, the users’ reaction could result from impatience, considering how long they have waited for the characteristic parabolic crypto market rally. Many crypto users expected a bull run after last year’s Bitcoin halving event. Some believed the traditional halving and the subsequent geopolitical agenda formed the perfect storm for a crypto market surge.

Contrary to their expectations, only Bitcoin and a few altcoins achieved new highs as the wait for an altcoin season continued. The recent trend deviated from the crypto market’s pattern from the past decade, raising users’ curiosity and keeping them on the edge. Hence, they become disappointed whenever a potential surge experiences a bump and threatens the arrival of a classic altcoin season.

Armstrong thinks panic and knee-jerk behavior from crypto users are unnecessary. According to him, despite the intermittent pullbacks, the crypto market has not deviated from its original pattern. He noted that more pullbacks could occur, considering the current status of Bitcoin and other top cryptocurrencies like Ethereum (ETH) and Cardano (ADA). However, he remains adamant about a bull run that would see the cryptocurrencies surge to new levels.