Bitcoin (BTC) may have dipped 28% in recent days but analysts have already put the scale of the losses firmly in context.
As noted on Jan.12 by Nathaniel Whittemore, host of The Breakdown Podcast, the period between 2016 and 2017 alone saw a grand total of six corrections that were larger than this week’s drawdown.
BTC price correction bows to 2017
2017 is famous among market participants as being a record-breaking year for price action. In addition to 1,000% annual gains, Bitcoin saw multiple hurdles as it climbed to then all-time highs of near $20,000.
“Fun fact: #bitcoin had 6 pullbacks bigger than our recent -28% in the record setting 1000%+ growth year of 2017,” Whittemore commented, citing a chart with data from Travis Kling, CEO of crypto asset manager Ikigai.
BTC/USD corrections during 2016 and 2017. Source: Nathaniel Whittemore/ Twitter
As BTC/USD fell from fresh record highs of $42,000 to just above $30,000, familiar criticism of Bitcoin’s volatility