How The 55% Bitcoin Correction Revives Comparisons To Past Bull Cycle
2021年7月27日 - 9:00AM
NEWSBTC
Bitcoin price is still trading at more than $25,000 less than the
local highs set earlier in the year, and bulls have a lot of ground
to reclaim. However, the lost ground might not be so bad after all,
as it has brought the current market cycle a lot closer to past
bull cycle comparisons, which could shed some light on what’s left
for Bitcoin in terms of price action in the months ahead. Bitcoin
Collapse Puts Market Cycle On Par With Previous Bull Run Following
a sharp more than 55% decline across the board in cryptocurrencies
– even the top dog Bitcoin – the market is mixed on whether or not
the bull run has ended and if a new bear market has begun. The
standard definition of a bear market in “securities” is a 20% or
more decline. By those standards Bitcoin is in a bear market every
other week and has been in one since April 2021. Related Reading |
The Fibonacci Sequence And Why $30K Bitcoin Is So Important The
massive plunge was among the worst monthly declines on record and
the most devastating Q2 in crypto history – and it might have been
enough of a drop to prevent a full fledged crypto bear market. It
also has brought prices back down to a level that’s a lot more on
par with past bull market cycles. The recent crash put this cycle
on par with the last | Source: BLX on TradingView.com Will The
Parabolic Curve In Crypto Behave The Same Way Again? The chart
above takes an exact carbon copy of the 2016 and 2017 bull market,
and juxtaposes it over the current market cycle. A similar
parabolic curve is drawn to show the possible trajectory. From 2015
through 2018, Bitcoin price grinded against the support curve the
entire way up. There was very little divergence from the rounding,
upward trending line. Related Reading | Why The Next Bitcoin Bear
Market Will Be The Worst Yet There’s no denying this recent market
cycle is very different than the last, but the recent 55% collapse
has made things a lot more similar in scope. Much like in early
2019 Bitcoin price deviated away from the curve, then overcorrected
back down to it, the leading cryptocurrency by market cap could
have done the very same thing from April through the recent bottom
put in around the start of this month. There’s still some room
between today and the next bump into the parabolic curve. This
could suggest there’s more sideways ahead, but further downside is
likely limited thanks to what has already been a large enough
correction. Follow @TonySpilotroBTC on Twitter or via the
TonyTradesBTC Telegram. Content is educational and should not
be considered investment advice. Featured image from
iStockPhoto, Charts from TradingView.com
Bitcoin (COIN:BTCUSD)
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