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The cryptocurrency market has faced a considerable amount of adversity recently, with Bitcoin’s price declining sharply from its peak of $108,000. Many in the community have declared the onset of a bear market, fearing that alt season is over and panic selling has commenced. Yet, a deeper analysis can offer a calmer perspective.
Zooming out to a yearly view of Bitcoin’s price history reveals that while the recent drop seems alarming, it may be part of a healthy retracement pattern. Historically, Bitcoin experiences declines that precede new highs. An important observation is that prolonged stability within a narrow price range, such as Bitcoin's movement between $95,000 and $105,000, can lead to inevitable corrections.