“Bitcoin correction very similar to 2013 – BTC may get stuck at $ 30,000 for a while” – Bitcoin News market updates
Analysis provider Ecoinometrics has published a tweetstorm that shows that the current downward spiral from Bitcoin’s all-time high is one of the “longest drawdowns Bitcoin had to contend with during a bull market after being halved”. In addition, on the same day, analyst and economist Julio Moreno highlighted in a recently published blog post that “with Bitcoin, volatility is your friend”.
Analyst discusses Bitcoin’s second longest drawdown before the next price move
Most people in the industry understand that Bitcoin (BTC) prices have seen better days and many viewers are wondering when the crypto asset will bounce back. The fact is, we really don’t know, but people are using previous chart patterns from previous bull markets and have measured a number of time spans.
Recently, Bitcoin.com News has published at least two market reports showing that speculators believe this bull run is similar to the 2013 action Ecoinometry, the current downturn is the second longest since 2013 and there is still plenty of time on the clock.
“Bitcoin after halving [on] July 17, 2021 “, Econometrics tweeted. “431 days after the 3rd halving [and] BTC at $ 31,678. Another week was stuck in this drawdown, 95 days since the last ATH, low -55% below the ATH, and volatility continues to decline, ”added the analyst. Ecoinometry further emphasized:
This is one of the longest drawdowns Bitcoin has struggled with during a bull market after being halved. But 95 days is still only half the duration of the big drawdown in 2013 … In terms of price development, this correction looks very similar in 2013 as well. If we continue like this, BTC will be stuck at $ 30,000 for a while longer.
The analyst added that Bitcoin’s month-long volatility has also decreased, but “not particularly low historically”.
“So from that perspective, it is possible that the trading margin could remain fairly tight for longer,” concluded Ecoinometrics.
Analyst and economist Julio Moreno agreed to Ecoinometrics’ volatility rating and shared a recent blog post he wrote about bitcoin volatility. Moreno’s report explains how people try to discredit Bitcoin over price volatility, and his study asks if “volatility” [is] Bad thing. “
The analyst notes in his report that, in his opinion, volatility is not necessarily a bad thing. “I would say it does not as it increases every cycle along with price gains. When is the price of Bitcoin more volatile? Mostly at market peaks, after significant price increases, ”emphasized Moreno’s report. His bitcoin volatility report concludes:
What do changes in Bitcoin price volatility mean for the future trend? The accumulation was better with low volatility and is usually reached before a big price move.
What do you think of the evaluations of Ecoinometrics and Julio Moreno’s reports? Let us know what you think on this matter in the comments below.
Photo credits: Shutterstock, Pixabay, Wiki Commons, Econometrics
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