Bitcoin and most of the major altcoins have been in bull market since the beginning of January. However, all the top 10 cryptocurrencies are currently experiencing losses which can be considered the first moderated correction in 2020.

Within the past 24 hours, BTC has dropped by 2.1%, followed by ETH 7.7%, XRP 10.1%, BCH 13.7%, BSV 14.63% and LTC 8.7%.

This is an indication that the rally is currently taking a pause, in order to prepare and continue later. Experts see this market movement as a normal correction that would set the pace for the coins to continue their uptrend.

For example, Binance CEO Changpeng Zhao, called this price action as nothing more than a healthy retrace.

#Bitcoin does a healthy retrace, suddenly everyone in #crypto is a scammer. 😂



What’s the yield YTD? — CZ Binance 🔶🔶🔶 (@cz_binance) February 15, 2020

Another crypto analyst, teklorbz, also said on Twitter that this current market action is just a flash dip to shake out weak hands. Adding that, this is nothing to get worried about.

flash dip to shake out weak hands, nothing to worry about#bitcoin — teklordz (@teklordz) February 15, 2020

Corrections like these are very much expected in the crypto market since prices of assets cannot move higher without resting. When there is an overbought situation, the market tends to move lower.

What makes this current correction by Bitcoin less alarming is that, it is within the current upward channel. Notwithstanding, the coin could continue falling within the next couple of days or weeks before continuing its uptrend.

Many altcoins are also experiencing the same situation as Bitcoin. They are starting to recover from a period in which altcoins have been traded lower. Bitcoin’s market dominance is currently falling whereas that of the altcoins is growing.

Meanwhile, most crypto traders and investors are waiting for the upcoming Bitcoin halving event. They hope to see if the event could have a strong positive effect on BTC’s price in the long term.