The world's first and largest cryptocurrency, Bitcoin, experienced a significant drop in price, falling below $66,000 after maintaining levels above $69,000 for some time. This decline has created concerns about the potential for further price drops.

A well-known crypto analyst, Ali Martinez, made a statement regarding a potential correction in Bitcoin's price, suggesting that a 30% correction could be a positive development for Bitcoin. Martinez also emphasized the importance of liquidity in helping market makers find support and potentially driving BTC's value to new highs.

Martinez is closely monitoring the 200 Exponential Moving Average (EMA) on the four-hour chart for Bitcoin's recovery, indicating that holding this level could lead to a significant price rebound. However, a drop below this level may result in further losses for Bitcoin.

Although a significant correction could lead to a short-term price drop, it could also pave the way for a long-term upward trend, providing new investors with a better entry point and increased liquidity as predicted by Martinez.

As of the latest data available, Bitcoin is trading at $65,776.07, showing a 5.66% decrease on April 2nd. BTC's market capitalization is at $1.29 trillion, with a 74.04% increase in trading volume over the past 24 hours to $45.68 billion.

The recent decline in Bitcoin's price is attributed to the massive liquidation of long positions, leading to long position liquidations of $108.78 million out of a total of $149.54 million. Short sellers capitalized on the situation to realize profits.

This article was first published on COINTURK NEWS regarding Bitcoin's price drop and the concerns it has raised.