On Saturday, the price of Bitcoin (CRYPTO: BTC) spiked below $43,000, marking the biggest single-day drop since May, when it went down below $33,000.
Bitcoin's prices have been down 13.64 percent in the last seven days, and the coin's dominance in the crypto market is 40.51 percent.
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The trading volume for the coin has increased 91.0% over the past week while the overall circulating supply of the coin has increased 0.2% to over 18.89 million which makes up an estimated 89.96% of its max supply, which is 21 million.
The current market cap ranking for BTC is #1 at $920.6 billion.
According to coinmarketcap.com, global crypto market capitalization has witnessed a fall of 15.90 percent, with a total market capitalization of $2.21 trillion.
The Coinglass reports that, in the past 24 hours, 331,216 traders were liquidated.
Looking at the trend, Amsterdam-based popular cryptocurrency analyst Michaël van de Poppe believes that the price of Bitcoin can now stabilize following the decline.
He tweeted, "Bottom is in."
He also tweeted, saying, "If you're scared to buy now, that's the moment to buy. The market just made a correction of 38% on Bitcoin. Historically, one of the best moments to say; Hey, get me some of that. Don't listen to your emotions. Don't sell. Be contrarian."
Last month, he mentioned that he is expecting a "bull cycle" for Bitcoin to continue until April or May of 2022.
He said that Bitcoin would continue towards the all-time high region if it breaks above the $64,000 range.
Related Link: 3 Reasons Why Bitcoin And Rest Of The Crypto Bunch Are In A Freefall