Bitcoin (BTC) lost nearly 8% on February 10, the first major correction since prices began to rise on Monday.

BTC price fluctuates around $ 48,000
Data from Cointelegraph Markets and TradingView tracked BTC / USD as it fell from local highs of $ 47,360 to $ 43,750 during trading on Wednesday.

The pair was on track to hit $ 50,000 after hitting a full-time high earlier this week thanks to news that Tesla had converted $ 1.5 billion from its balance sheet into bitcoin.

Corrections are already expected, which is a necessary part of Bitcoin’s continued growth, which Cointelegraph Markets filbfilb analyst believes will be $ 63,000 in the short term. He said earlier Wednesday that $ 52,000 could also lead to a temporary consolidation.

Regarding the current market behavior, while analyst Mikael Van de Pope also advised Twitter followers to adapt to the long period of growth.

“Why are you zooming in?” Well, the markets are going up a lot, but we’re also going to see some negative dynamics. Nothing goes in a straight line. ”

“Awareness of partial profits is normal. I still have big parties in the game, but I can save more. Simple game.”

1-minute BTC / USD candle chart (Bitstamp). Source: TradingView
Bitcoin is not listening to celebrity endorsements
However, the downturn has pleased some, which comes just minutes after actress Lindsay Lohan tweets an unexpected endorsement for Bitcoin.

It suddenly announced “Bitcoin to the Moon”.

Among longstanding market participants, celebrities and other non-professionals who have suddenly switched to Bitcoin, this is a “classic” sign that the cryptocurrency is becoming mainstream very quickly and that a correction is imminent.

“It’s time, time to sell,” Keith Waring replied, shortly before the 7.6% drop as buyers quickly halted.

According to the Cointelegraph report, the overall strength of Bitcoin is clear that in the midst of Tesla’s commitment to and interest in last week’s MicroStrategy special summit, it appears destined to see higher rallies thanks to the domino effect of corporate exposure.

BTC / USD price comparison after half. Source: PlanB
In a recent update, a PlanB analyst confirmed that Bitcoin was still on track to beat $ 100,000 by September. He said progress one year after the last cut in the bloc’s support in half was a mediator between what happened after the halving in 2012 and 2016.

Source: CoinTelegraph

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