Since the start of October, Bitcoin has been losing its value, Bitcoin touched $66k by the end of September but in 1st of October Bitcoin's value fell below $60500 and the value somehow recovered back to $61700. But it wasn't able to push once again to $62k or above it. Due to it the whole market has gone crazy and most alt coins have lost value during the dip. The Bitcoin is dipping again but no one knows how low it will dip this time.
Is this a price correction or we may see another dip that might be more intense then the current one?
This could be a price correction during the beginning of this month of October, looking at the price now, almost at the middle of it there has been improvement from the starting price at the beginning of the month.
I guess there's still much time for BTC to show what it has for the month of October, but I believe there'll be positive price change during the month of November and it may even likely reach a new ATH in the month of November or early December period.
It is normal to see price sometimes up and down, particularly so when those prices have gone up or down dramatically. This may part of consolidation phase that we are seeing now as a result of early October ramp up.
But it is crucial to stay publisher that some element, that is, some factors whose changes may have an impact on BTC price in the future, exist; it includes global monetary policy, institutional adoption, government regulations, and other macro events. Should the upward movement sustain itself, there is likelihood that BTC hit new highs this year following the past years’ experience that seasonal gains are usually at the year end.
Remember to watch the market and keep abreast with changes while you should focus on the basics that underpin this kind of price direction for better prediction.