Nov 16, · “During the bull market in Bitcoin $BTC, there were 9 significant corrections with the following averages: 37% decline from high to low. 14 weeks from one ATH to the next ATH. Since the early Sep low there have been two 10% corrections.” Image Courtesy of Peter Brandt. Nov 14, · Bitcoin has since recovered a bit and it currently trades at around $15, It’s interesting to see whether or not it will continue dumping or if this was the correction before the next leg up. BTC/USD. Source: TradingView Altcoins Follow Suit. For the largest part, Bitcoin’s dominance has remained unchanged and it still rests at slightly. 1 day ago · The broader crypto market has entered a strong correction losing 4% or $34 billion over the last hours. While Bitcoin (BTC) takes a dive below $23, levels, it still continues to extend its dominance in the market. At press time, BTC is trading at $22, with a market cap of $ billion and a massive 69% market dominance.
Bitcoin market correction historyIf History Rhymes, Bitcoin Will See Steep Corrections Before New Highs
The last seven weekly candles have been green and price action has gone parabolic. At this point, it is becoming difficult to deny that the top crypto asset is beginning another bull run. But even Bitcoin corrects during bull markets, and when it does, the results can be violent. Each correction is roughly 14 weeks from a new peak to peak.
Currently, the cryptocurrency is on week twelve in a row without anything meaningful for a correction. Reading between the lines, Brandt is warning that a correction is coming and that buyers need to beware. Crashes typically lasted less than a month in most examples. But why the recurring number when it comes to cryptocurrency bull market corrections? The answer can be found in mathematics, potentially.
That range is a sweet spot for the 0. It is not clear why this mathematical relationship with price action exists but can be used strategically to find potential levels where support may exist and buyers could show up with strength. The level could be intuitively an attractive value to investors at that point, prompting the sudden interest.
Could you be next big winner? I consent to my submitted data being collected and stored. So while it's possible we see a correction, the larger institutional demand in this bull market is likely to change market dynamics. I also expect media attention will be even greater than in because of the influx of celebrities who will begin taking positions in Bitcoin.
But as price surges, the market cap is expected to go off the roof. The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto.