Fun

Analyst: ‘Bitcoin Correction Very Similar to 2013 — BTC May Remain Stuck at $30K for a While’

News Feed - 2021-07-19 12:07:07

Analyst: "Bitcoin Correction Very Similar to 2013 — BTC May Remain Stuck at $30K for a While"


The analytics provider Ecoinometrics has published a tweetstorm that shows the current downward spiral from bitcoin’s all-time high is one of “the longest drawdowns bitcoin has had to deal with during a post-halving bull market.” Furthermore, the same day, analyst and economist, Julio Moreno, highlighted in a recent blog post that “in 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 spectators are wondering when the crypto asset will rebound. The fact of the matter is, we really don’t know, but people do leverage previous chart patterns from prior bull markets and have measured a number of timespans.


In recent times, Bitcoin.com News has published at least two market reports that show speculators believe this bull run resembles the action that took place in 2013. According to the analytics provider Ecoinometrics, the current downturn is the second-longest drop since 2013 and there could be a lot more time left on the clock. Plot chart via Ecoinometrics on Twitter.


“Bitcoin after the Halving [on] Jul. 17, 2021,” Ecoinometrics tweeted. “431 days after the 3rd halving [and] BTC at $31,678. One more week stuck in this drawdown, 95 days since the last ATH, bottom -55% below the ATH, and volatility continues to decline,” the analyst added. Ecoinometrics further stressed: This is one of the longest drawdowns bitcoin has had to deal with during a post-halving bull market. But 95 days is still only half the duration of the big drawdown of 2013… In terms of price trajectory, this correction also looks very similar to 2013. If we continue like that, BTC will remain stuck around $30k for a while.


The analyst also added that bitcoin’s one-month volatility was also down but “historically speaking, it isn’t particularly low.”


“So from that perspective it is possible for the trading range to stay pretty tight for longer,” Ecoinometrics concluded. ‘In Bitcoin, Volatility Is Your Friend’


Analyst and economist Julio Moreno agreed with Ecoinometrics’ volatility assessment, 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 whether or not “volatility [is] a bad thing.”


The analyst notes in his report that he doesn’t believe volatility is necessarily a bad thing. “I would say it is not, as it increases within each cycle along with price gains. When is bitcoin’s price more volatile? Mostly at market tops, after significant price appreciation,” Moreno’s report emphasized. His bitcoin volatility report concludes: What does changes in bitcoin’s price volatility imply about its future trend? Accumulation has been better at low levels of volatility and this is typically reached before a big price movement.


What do you think about the assessments from Ecoinometrics and Julio Moreno’s reports? Let us know what you think about this subject in the comments section below. Incoming Squeeze? Bitcoin Shorts on Bitfinex Spike, BTC Long Positions Tap Fresh New Highs MARKET UPDATES | 6 days ago Bitcoin Sinks Below $33K, Analyst Says BTC at ‘Dangerously Low Levels’ While ETH Rests at ‘Comfortable Levels’ MARKET UPDATES | Jul 8, 2021 Tags in this story 2013, 2013 bull market, 2013 rebound, 2021, analyst, analysts outlook, assessment, Bitcoin markets, bitcoin prices, BTC, BTC Price, Bull Market, crypto assets, Ecoinometrics, Julio Moreno, market bottoms, market tops, Market Update, Outlook, post halving, volatility


Image Credits: Shutterstock, Pixabay, Wiki Commons, Ecoinometrics Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Bitcoin, Ethereum, Monero Hashrates Tap Lifetime Highs — Dash, ETC, LTC Hashpower Lower Than Prior ATHs
Bitcoin, Ethereum, Monero Hashrates Tap Lifetime Highs — Dash, ETC, LTC Hashpower Lower Than Prior ATHs During the first month of 2022, both Bitcoin and Ethereum’s hashrat
Zhiyuan Sun2 hours agoAxie Infinity developer brings Japanese Web2 games to RoninThe first Web2 game of the series to be bridged to Ronin is Zoids Wild Arena.711 Total views19 Total sharesListen to article 0:00NewsJoin u
First US Presidential debate planned for June 27 — Will crypto be on the agenda?
Turner Wright3 hours agoFirst US Presidential debate planned for June 27 — Will crypto be on the agenda?Neither then-Democratic candidate Joe Biden nor President Donald Trump discussed digital assets or blockchain when
Former US President Donald Trump: Cryptocurrencies Are ‘a Disaster Waiting to Happen’
Former US President Donald Trump: Cryptocurrencies Are "a Disaster Waiting to Happen" Former U.S. President Donald Trump says cryptocurrencies are “potentially a disaster wa
You Can Now Trade CS:GO Game Items Safely for BCH Through Blind Escrow on Bitcoin.com Local
You Can Now Trade CS:GO Game Items Safely for BCH Through Blind Escrow on Bitcoin.com Local Are you looking for a cool way to earn bitcoin cash privately instead of buying it dir
Exclusive: Mike Flood is shaking up Congress over cryptocurrency
Rudy Takala1 hour agoExclusive: Mike Flood is shaking up Congress over cryptocurrencyMike Flood, a second-term lawmaker from Nebraska, has played central casting in the effort to make Congress move on crypto policy.284 T
Bitcoin recovery fizzles, but SOL, DOT, NEAR and KAS could rally
Rakesh Upadhyay4 hours agoBitcoin recovery fizzles, but SOL, DOT, NEAR and KAS could rallyBuyers will need to keep Bitcoin above $53,500 to start a recovery in SOL, DOT, NEAR and KAS.1799 Total views1 Total sharesListen
Ana Paula Pereira3 hours agoCrypto Biz: Bidding war for SVB Capital, new crypto funds and Citi’s private blockchainThis week’s Crypto Biz explores SVB Capital bids, new funds from Blockchain Capital, the Hut 8-US Bit
Bitcoin, Ethereum Technical Analysis: ETH Lower, as USD Gains Following Strong Q3 Earnings
Bitcoin, Ethereum Technical Analysis: ETH Lower, as USD Gains Following Strong Q3 Earnings Ethereum was back below the $1,300 level on Wednesday, as the U.S. dollar rose following
Can Bitcoin Price Bounce To $120,000 Or Will It Break Below $100,000?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
80% of Institutional Investors Expect Crypto to Overtake Traditional Investments, Survey Shows
80% of Institutional Investors Expect Crypto to Overtake Traditional Investments, Survey Shows A survey by crypto trading platform Bitstamp shows that 80% of institutional investor
Iran Shuts Down More Illegal Crypto Farms, Bringing Total to Over 5,300
Iran Shuts Down More Illegal Crypto Farms, Bringing Total to Over 5,300 Authorities in Iran are continuing their crackdown on unauthorized cryptocurrency mining as electricity dema