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

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


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”

Trending: BREAKING: House Republicans Move to “Vacate” Pelosi’s Chair, End “Authoritarian Reign”

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

Continue reading

You Might Like

Daily Truth Report • DailyTruthReport.com
Thanks for sharing!
Send this to a friend