Analyst: Bitcoin has only undergone a "normal correction"; the market is waiting for the next narrative.

Odaily Planet Daily reported that Collective Shift CEO Ben Simpson stated that the pullback of Bitcoin from its January peak is a typical cyclical adjustment and is not unusual; the price top has not yet been reached. Simpson said, "I don't think the bull market is over; I believe the peak of the cycle has been delayed due to macro conditions, with poor global liquidity that is unfavorable for cryptocurrencies. Compared to the previous cycle's 12 instances, this is only the third or fourth time Bitcoin has exceeded a 25% pullback in this cycle. The market is overheated and needs to cool down; it needs to find a new foundation, and we are currently waiting for the next new narrative."

Nick Forster, founder of Derive, holds a similar view, stating, "Bitcoin may be in a normal pullback phase, and the peak of the cycle has not yet arrived. Historically, Bitcoin experiences this type of pullback during long-term upward trends, and there is no reason to believe this time will be different." Forster added that Bitcoin's fate over the next six months seems increasingly tied to traditional markets. Collective Shift's Simpson noted that the next narrative may revolve around U.S. interest rate cuts, easing of quantitative tightening, and increased global liquidity. (Cointelegraph)