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Bitcoin’s price underwent a notable correction, dropping below $95,000 after a series of rapid increases. This week, there was speculation about the liquidation of $3.5 billion in long positions, leading to the anticipated drop. Poppe examined the current situation for altcoins, specifically focusing on STX Coin.
Is Bitcoin Heading Towards a Low?
The sales of BTC have caused significant declines in altcoins, pulling the price down to $92,272. Even during the most exciting days of a bull market, such interim drops are expected. While it may seem illogical for prices to continuously rise and reach new record levels, we can assert that the overall direction remains upward in the medium term despite intermittent corrections.
Micheal Poppe shared the following graph after the recent drop:
“Bitcoin 
$111,035 is falling. This is completely normal; the markets have risen more than $25,000 in a few weeks. I prefer resets and consolidations. Two areas of interest.”
Poppe believes that if the decline continues, it could reach lower wicks at $89,584 and $85,327. It would be unreasonable for investors who eagerly anticipated a surge above $73,777 to panic due to prices falling below $92,500.
STX Coin Price Predictions
As Bitcoin grows, the price of STX Coin needs to increase as well. The fate of this protocol, which is building the Bitcoin ecosystem, could present a significant opportunity if it becomes more closely associated with BTC. Poppe provided insights about the popular altcoin STX:
“Corrections are designed to make purchases for assets in the upcoming period. One such instance is STX Coin, which recently signed an agreement with Coinflip to integrate stack and sBTC to serve its 400,000 customers. Be ready for a breakout and an ATH test.”
