Earlier today, on December 2, the bitcoin price recovered to $10,500, after dipping below $9,000 on November 30.
Since November 1, within a one-month span, the bitcoin price demonstrated a staggering 42.8 percent increase, from $6,000 to $10,500. Analysts expected a major price correction to occur in the cryptocurrency market, given that the value of other leading cryptocurrencies such as Ethereum and Bitcoin Cash have increased substantially along with bitcoin.
Historically, the price of bitcoin tends to follow a trend in which it achieves a new all-time high, suffers a major correction, but rebounds to its previous all-time high and prepare for new rallies. A same trend has been demonstrated by the bitcoin price development over the past few days, given that bitcoin’s value surpassed $11,000, dropped to $8,800, and recovered to $10,500.
Correction Creates Healthy Uptrend
A major correction of the cryptocurrency market creates a healthy uptrend for most leading cryptocurrencies like bitcoin, as the market stabilizes and investors initiate a new rally. Hence, after the $8,800 dip, the bitcoin price is at a better and more stable position to sustain upward momentum and surge in the short-term.
Earlier today, the $51 billion financial institution CME Group, the world’s largest options exchange, has announced December 18 as the official launch date of its bitcoin futures exchange. In previous interviews, CME Group executives stated that the December 11 date was mistakenly leaked, and it was never the company’s intention to launch its bitcoin futures exchange by that date.