- Crypto crashed harder than the FTX and LUNA incidents.
- Analysts see this as a necessary reset before the next bullish leg begins.
- Seasoned analysts see the dip as a golden opportunity to accumulate promising cryptos.
The crypto market saw over $2.15 billion liquidate in the last 24 hours marking it as the biggest market crash greater than the LUNA and FTX incidents. One analyst shared a detailed list of why the crypto market crashed today and the many factors behind it. Despite this horrific dump, Bitcoin is still holding strong at a price higher than its previous cycle’s ATH.
Why This Crypto Crash is Needed
This leads to many analysts remaining just as bullish as they were in the crypto market as they were before the dip today, if not more. As we can see from the post below, one reputed crypto trader and market enthusiast Miles Deutscher says after giving the current market state some thought, that this was probably a much-needed reset for crypto.
To highlight, he says that this reset is likely a good thing for the market as it will “flush out a lot of crap from the market”. He believes that this reset will pave the way for the next leg that is to come which will most likely take the price of Bitcoin to new higher ATHs. In addition, he says with how dilutive this cycle is, you can’t have 1000s of coins all trending upwards at once and this flush will lead to many weak coins dying.
Seasoned Analysts See Crash as Golden Opportunity
Meanwhile, another popular crypto analyst shows just how unfazed seasoned analysts are despite the major dip. As we can see from the post above, this analyst shares a chart explaining why the Bitcoin dip only opens a golden opportunity for traders and investors to buy BTC at what can be seen as a discounted price before it rushes up to hit higher highs.
