Bitcoin marks the second half of April with the traditional cheapening

The No. 1 cryptocurrency has found itself in its fourth correction since the start of the year.

At the beginning of April 23, bitcoin is trading near the $48,000 level. With that, the No. 1 cryptocurrency has gone minus 25% compared to its average value since the beginning of April. This is the fourth downward correction of the digital asset since the beginning of the year: in the previous three it cheapened by 32%, 26% and 19% respectively.

The decline in bitcoin prices is observed against the background of declining shares of Coinbase (-5.9%) MicroStrategy (-8%) and Tesla (-3.29%). With the exception of MicroStrategy, investors have their reasons to partially sell the organization’s shares, but given that Tesla previously invested $1.5 billion in bitcoins, the cryptosphere is watching the dynamics of the organization’s securities price. In the case of Coinbase, however, the market is overestimating the cryptocurrency exchange’s prospects after the past IPO, even during which the company’s shares failed to meet the expectations of some investors in futures in them.

Bitcoin’s future behavior remains a market play when it comes to the short term. After the previous three downward corrections this year, the cryptocurrency number one was recovering and even reached an all-time high, which was observed on April 14 at $64,67 thousand. However, what will happen this time is unknown.

Nikolaos Panigirtzoglu, a strategy analyst at the largest U.S. bank JPMorgan, said that “if the largest cryptocurrency by capitalization can’t overcome the level of $60,000 again, the market growth momentum may start to disappear.”

Billionaire Cameron Winklevoss, who along with his brother Tyler is the founder of the Gemini crypto exchange, believes that “Bitcoin is not an asset to be traded at all. Bitcoin is worth buying for the purpose of early investment.”

When it comes to the behavior of the #1 cryptocurrency miners, they continue to save and buy bitcoins more than they sell them on the market.