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.
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..."
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."
# | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
1 | ![]() |
Bitcoin predictions | 72.4% | 54 | $68 221.63 | 1.27% | 2.38% | $1 346 132 518 889 | ||
---|---|---|---|---|---|---|---|---|---|---|
2 | ![]() |
Ethereum predictions | 77.6% | 47 | $3 277.70 | 0.62% | -6.01% | $394 072 124 681 | ||
3 | ![]() |
Tether predictions | 93.6% | 1 | $1.000294 | 0.04% | -0.03% | $114 362 869 613 | ||
4 | ![]() |
Solana predictions | 65.2% | 70 | $186.46 | 3.76% | 10.05% | $86 651 629 563 | ||
5 | ![]() |
Binance Coin predictions | 79.2% | 42 | $588.60 | 1.71% | -0.56% | $85 893 706 101 | ||
6 | ![]() |
USD Coin predictions | 91.6% | 1 | $1.000218 | 0.01% | 0.02% | $34 165 068 764 | ||
7 | ![]() |
XRP predictions | 60.4% | 86 | $0.601322 | 0.08% | 1.60% | $33 650 519 304 | ||
8 | ![]() |
Dogecoin predictions | 74% | 55 | $0.135778 | 4.40% | 6.72% | $19 726 589 838 | ||
9 | ![]() |
Toncoin predictions | 84.8% | 29 | $6.74 | -0.27% | -8.09% | $16 954 582 289 | ||
10 | ![]() |
Cardano predictions | 75.2% | 49 | $0.417851 | 0.74% | -4.48% | $15 002 527 040 | ||
11 | ![]() |
TRON predictions | 87.2% | 18 | $0.137290 | 0.44% | 2.02% | $11 952 578 512 | ||
12 | ![]() |
Avalanche predictions | 79.2% | 38 | $28.70 | 1.64% | 1.95% | $11 330 467 420 | ||
13 | ![]() |
Lido stETH predictions | 92% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 | ||
14 | ![]() |
SHIBA INU predictions | 80.8% | 30 | $0.000017 | 2.35% | -3.05% | $10 173 129 198 | ||
15 | ![]() |
Wrapped TRON predictions | 90.8% | 1 | $0.116354 | -0.46% | 0.23% | $10 171 995 609 |
Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.
© 2015-2024 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.