BTC rate correction will not prevent it from reaching the $ 20,000 level

Over the past 24 hours, the Bitcoin rate has decreased by almost 10%, the coin is now trading at $17,300. The capitalization of Bitcoin (BTC) by the morning of Friday, November 27, had decreased to $321.423 billion.

Even in the middle of this week, some analystspredicted a negative correction in the market. For example, Brian Kelly stated that the increase in network activity on Bitcoin was an alarming signal. Typically, this trend precedes a change in the vector of player behavior.

This year, the largest cryptocurrency made the biggest breakthrough in the past three years, jumping in price to $ 19,374. However, literally in a day, the price of BTC fell by more than $ 2,000.

Anthony Trenchev, co-founder of NEXO, told CNBC that the pullback was necessary because the market was overheated. Howeverin the long term, nothing can prevent Bitcoin, at least from repeating the race of three years ago and reaching $ 20,000.

Trenchev stressed:

«Any healthy market must enter phasespullback and consolidation. Already in 2020, the increase in the value of [bitcoin] was 160%. Look what happened in March, Bitcoin fell 40% in just one day during the market panic [«Black Thursday»]. A drop of 20-30% could and should have been expected.

Galaxy Digital CEO Mike Novogratzholds a similar point of view. In one of his recent interviews, the businessman said that any strategically thinking investor should invest up to 3% of his capital in Bitcoin.

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