As Bitcoin's (CRYPTO: BTC) price hovers just shy of its all-time high, it feels as though it is either preparing for its next leg up or a sharp drop that would shake out weak hands. A fall that took it below $60,000 would be about a 17% drop from Monday's price of roughly $72,000.

With the next halving just a couple of weeks away, there's plenty of time for Bitcoin to fall below $60,000. However, even if it does, I wouldn't be worried. In fact, I would almost welcome sub-$60,000 Bitcoin.

Significant corrections are par for the course for Bitcoin

Bitcoin has a reputation for being volatile. While there is data showing that it has gradually become less volatile over the years, it is still subject to sudden movements, even in bull markets.

Consider the last bull market, for example. Between 2020 and 2021, Bitcoin experienced several pullbacks of more than 20% during its eventual ascent to its previous all-time high of about $68,000. Looking back further, the bull market of 2016 to 2017 was even harsher. There were four retreats of more than 40%. If something similar were to occur in this bull market, Bitcoin could drop to somewhere between $40,000 and $50,000, based on today's prices.

An asset unlike any other

Throughout all of the corrections Bitcoin has experienced, there has been one common theme. No matter how brutal the pullback, Bitcoin eventually regained its footing and climbed to new highs.

There are likely multiple reasons for this, but the one that best explains Bitcoin's resilience boils down to its unique intrinsic qualities. Bitcoin is the quintessential cryptocurrency. To take it a step further, it is perhaps the most durable and robust form of money ever created.

It is completely decentralized, void of any manipulation or control. It is the most secure, with an entire global network maintaining its functionality. With no single point of failure, Bitcoin's blockchain is virtually impenetrable -- an attribute few other cryptocurrencies can claim.

Add in the fact that its supply growth rate will continue to diminish every four years (as further halvings occur) until 2140, when the last of 21 million bitcoins is scheduled to be mined.

So, even though it suffers from the occasional pullback, Bitcoin's unique characteristics and robust fundamentals give it the resilience to push through. Not only does it regain those losses but in a fashion that only Bitcoin can pull off, it eventually leads to it setting new highs.

Don't miss the forest for the trees

On a day-to-day basis, guessing Bitcoin's trajectory is next to impossible. You'd probably be better off trying to count cards in a game of blackjack.

But over the long term, Bitcoin's fixed supply, decentralized architecture, and growing adoption continue to underpin its viability and position it as a credible store of value and hedge against macroeconomic uncertainties.

If Bitcoin does experience a correction before this month's halving, it should be treated as a rare buying opportunity in its near-inevitable journey of price appreciation. Similar to how the days of Bitcoin trading below $1,000 are likely gone forever, the days of sub-$60,000 Bitcoin would likely be numbered.

As always, it's crucial for investors to conduct thorough research, assess their risk tolerance, and formulate a strategy aligned with their investment objectives. While short-term volatility may test one's resolve, a steadfast focus on Bitcoin's long-term trajectory can provide clarity amid the noise of market speculation.

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Will Bitcoin Drop Below $60,000 Before Its Halving? was originally published by The Motley Fool