Bitcoin’s recent drop of 26.62% from its peak of $109,500 is projected to become the most significant drawdown of the current bull market cycle, according to CryptoQuant head of research Julio Moreno. The decline, a notable event in the crypto market, marks a deeper correction than past periods, with analysts attributing it to factors like increasing DeFi applications and rising institutional investment. However, some experts warn that Bitcoin may struggle for immediate recovery, citing historical correlations between Bitcoin’s performance and the Nasdaq 100 index. While this recent drop has impacted prominent figures such as Michael Saylor’s Strategy, which opted against new Bitcoin purchases during a specific period, the situation remains uncertain with several levels and indicators indicating the potential for short-term volatility. The impact of this market correction is being closely watched across various sectors.