Bitcoin
BTC$16 204.64

-2.14%

Ethereum
ETH$1 173.16

-3.68%

Tether
USDT$0.999647

0.01%

Binance Coin
BNB$294.91

-5.89%

USD Coin
USDC$1.000120

0%

Binance USD
BUSD$1.000244

-0.05%

Bitcoin sees second-longest bull market drawdown with BTC price stuck at $30K


19 Jul 2021

#Bitcoin

Bitcoin bull markets frequently see corrections from all-time highs, but only 2013 has beaten this year in terms of waiting times for a rebound. It's now three months since the last Bitcoin (BTC) all-time high, but one measure suggests that holders may be waiting even longer for the next.

In a series of tweets on July 17, analytics service Ecoinometrics revealed that this year's descent from all-time highs is the second-longest in Bitcoin bull market history.

$30,000 may stay "for a while"

It's been 95 days since BTC/USD hit $64,500 and a major correction phase began. Investors are impatient, but despite strong fundamentals, Bitcoin spot price action seems in no hurry to leave $30,000 behind. At 55% below the highs, Bitcoin is also threatening to cause problems for price forecasting models, including the historically unparalleled stock-to-flow. If history is a guide, however, Bitcoin can still go sideways for months before rising to beat its record. As Ecoinometrics notes, 2013 saw a period of 197 days between two all-time highs.

"This is one of the longest drawdown Bitcoin has had to deal with during a post-halving bull market," it acknowledged in Twitter comments. "But 95 days is still only half the duration of the big drawdown of 2013."

Back then, BTC/USD reached a price floor 69% below its previous all-time high, meaning that the current market setup could also permit levels below $30,000 and still remain within historical norms. More broadly, however, 2013 is now looking like the year most similar to Bitcoin price events this year.

"In terms of price trajectory this correction also looks very similar to 2013," Ecoinometrics concluded. "If we continue like that, BTC will remain stuck around $30k for a while..."

Retail investors are anything but gone

As Cointelegraph reported, recent on-chain behavior has painted $30,000 as more than just a psychological trading zone for Bitcoin. In addition to multiple metrics supporting its importance, investors are beginning to accumulate coins once again, including those who previously sold at current levels. Over the weekend, statistician Willy Woo updated the picture, highlighting retail investors buying and different classes of whales balancing each other out between buys and sells. "It's retail that drive Bitcoin bull markets. When they stop buying, that's a bear market warning.

They haven't stopped buying," he tweeted alongside multiple charts on Saturday. "Last 30 days: Whales sold 4k BTC, plebs bought 31k BTC."


Related

Copy Trading Strategies: How to Start Successful Copy Trading
Copy Trading Strategies: How to Start Successful Copy Trading
Institutional investors are buying through crypto winter
Institutional investors are buying through crypto winter
How Much Will BTC Be Worth on October 9, 2024?
How Much Will BTC Be Worth on October 9, 2024?
Bitcoin's shy uptrend
Bitcoin's shy uptrend
Powell did not scare crypto
Powell did not scare crypto
Bitcoin completes consolidation in a triangle
Bitcoin completes consolidation in a triangle
Bitcoin Is Still Gold. Although Digital One
Bitcoin Is Still Gold. Although Digital One
The bogged-down crypto market
The bogged-down crypto market
Bitcoin's extremely low volatility
Bitcoin's extremely low volatility

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 56.8% 88 $16 204.64 -2.14% 0.42% $311 432 382 083 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 60% 85 $1 173.16 -3.68% 3.84% $143 563 762 696 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 92.4% 1 $0.999647 0.01% 0.09% $65 339 620 742 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 68% 66 $294.91 -5.89% 12.96% $47 177 552 111 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 95.6% 1 $1.000120 0% 0% $44 306 171 640 USDC 7 days price change
6 Binance USD (BUSD) BUSD Binance USD predictions 94.8% 1 $1.000244 -0.05% -0.12% $22 407 001 633 BUSD 7 days price change
7 XRP (XRP) XRP XRP predictions 66% 75 $0.383128 -4.39% 7.55% $19 270 850 639 XRP 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 59.6% 90 $0.094582 -2.17% 23.40% $12 548 267 698 DOGE 7 days price change
9 Cardano (ADA) ADA Cardano predictions 61.2% 81 $0.305387 -3.59% -0.43% $10 515 677 795 ADA 7 days price change
10 Lido stETH (STETH) STETH Lido stETH predictions 92% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
11 Polygon (MATIC) MATIC Polygon predictions 68.4% 68 $0.820379 -4.13% 1.77% $7 165 449 645 MATIC 7 days price change
12 Polkadot (DOT) DOT Polkadot predictions 66% 72 $5.15 -4.45% -2.03% $5 867 952 400 DOT 7 days price change
13 Dai (DAI) DAI Dai predictions 94.8% 1 $1.000150 0.03% 0.05% $5 658 820 698 DAI 7 days price change
14 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 60.8% 79 $0.052628 -1.01% 4.79% $5 351 021 559 WTRX 7 days price change
15 Litecoin (LTC) LTC Litecoin predictions 66% 70 $71.68 -6.38% 18.26% $5 139 815 623 LTC 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2022 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.