In the period of a month, bitcoin went from $65,000 to $42,000, which officially became the largest correction because the bull cycle started in October 2020. Up until now, it has taken the asset between four and five weeks to recover all losses and head towards a new high throughout previous similar developments. As such, the question stays if history will repeat itself again.
Worst 2020/2021 Bull Run Correction
Although it appears like a lifetime ago, it was just last October when the primary cryptocurrency dabbled with the $10,000 price. The majority of the crypto neighborhood believes this was the moment when the tables turned, and bitcoin finally entered its long-anticipated after-halving bull run.
The numbers definitely support this narrative as the possession’s worth increased by more than six-fold in the following months. This led to frequent all-time highs, with the current one being available in mid-April at approximately $65,000.
Nevertheless, the ever-volatile BTC nature struck again, but this time in the opposite instructions. The trajectory changed with some support from Tesla’s Elon Musk in the previous couple of days, and bitcoin lost over $23,000 of worth ever since. This resulted in plummeting to a three-month bottom of $42,200 earlier today.
Popular trader Peter Brandt, who has actually been advocating for an upcoming high correction for months, highlighted this statistic. It’s in fact the largest retracement in the continuous bull run with a 35% decline (as of the bottom on May 17th).