Bitcoin sees second-longest bull market drawdown with BTC price ‘stuck’ at $30K
July 19, 2021 @ 11:40 +03:00
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.
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.
Bitcoin sees second-longest bull market drawdown with BTC price ‘stuck’ at $30K, Cointelegraph, Jul 19