2021-07-27 00:00:52

How The 55% Bitcoin Correction Revives Comparisons To Past Bull Cycle

Bitcoin price is still trading at more than $25,000 less than the local highs set earlier in the year, and bulls have a lot of ground to reclaim. However, the lost ground might not be so bad after all, as it has brought the current market cycle a lot closer to past bull cycle comparisons, which could shed some light on what’s left for Bitcoin in terms of price action in the months ahead. Bitcoin Collapse Puts Market Cycle On Par With Previous Bull Run Following a sharp more than 55% decline across the board in cryptocurrencies – even the top dog Bitcoin – the market is mixed on whether or not the bull run has ended and if a new bear market has begun. The standard definition of a bear market in “securities” is a 20% or more decline. By those standards Bitcoin is in a bear market every other week and has been in one since April 2021. Related Reading | The Fibonacci Sequence And Why $30K Bitcoin Is So Important The massive plunge was among the worst monthly declines on record and the most devastating Q2 in crypto history – and it might have been enough of a drop to prevent a full fledged crypto bear market. It also has brought prices back down to a level that’s a lot more on par with past bull market cycles. The recent crash put this cycle on par with the last | Source: BLX on Will The Parabolic Curve In Crypto Behave The Same Way Again? The chart above takes an ...

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