{"id":9762,"date":"2021-07-18T15:54:10","date_gmt":"2021-07-18T15:54:10","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/analyst-bitcoin-correction-very-similar-to-2013-btc-may-remain-stuck-at-30k-for-a-while\/"},"modified":"2021-07-18T15:54:10","modified_gmt":"2021-07-18T15:54:10","slug":"analyst-bitcoin-correction-very-similar-to-2013-btc-may-remain-stuck-at-30k-for-a-while","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/analyst-bitcoin-correction-very-similar-to-2013-btc-may-remain-stuck-at-30k-for-a-while\/","title":{"rendered":"Analyst: \u2018Bitcoin Correction Very Similar to 2013 \u2014 BTC May Remain Stuck at $30K for a While\u2019"},"content":{"rendered":"

The analytics provider Ecoinometrics has published a tweetstorm that shows the current downward spiral from bitcoin\u2019s all-time high is one of \u201cthe longest drawdowns bitcoin has had to deal with during a post-halving bull market.\u201d Furthermore, the same day, analyst and economist, Julio Moreno, highlighted in a recent blog post that \u201cin bitcoin, volatility is your friend.\u201d<\/strong><\/p>\n

Analyst Discusses Bitcoin\u2019s Second Longest Drawdown Before the Next Price Move<\/h2>\n

Most people in the industry understand that bitcoin (BTC)<\/a> 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\u2019t know, but people do leverage previous chart patterns from prior bull markets and have measured a number of timespans.<\/p>\n

In recent times, Bitcoin.com News has published<\/a> at least two market reports<\/a> that show speculators believe this bull run resembles the action that took place in 2013. According to the analytics provider Ecoinometrics<\/a>, the current downturn is the second-longest drop since 2013 and there\u2019s still a lot more time left on the clock.<\/p>\n

Plot chart via Ecoinometrics on Twitter.<\/p>\n

\u201cBitcoin after the Halving [on] Jul. 17, 2021,\u201d Ecoinometrics tweeted<\/a>. \u201c431 days after the 3rd halving [and] BTC<\/a> 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,\u201d the analyst added. Ecoinometrics further stressed:<\/p>\n

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\u2026 In terms of price trajectory, this correction also looks very similar to 2013. If we continue like that, BTC<\/a> will remain stuck around $30k for a while.<\/p>\n

The analyst also added that bitcoin\u2019s one-month volatility was also down but \u201chistorically speaking, it isn\u2019t particularly low.\u201d<\/p>\n

\u201cSo from that perspective it is possible for the trading range to stay pretty tight for longer,\u201d Ecoinometrics concluded.<\/p>\n

<\/p>\n

\u2018In Bitcoin, Volatility Is Your Friend\u2019<\/h1>\n

Analyst and economist Julio Moreno<\/a> agreed with Ecoinometrics\u2019 volatility assessment,<\/a> and shared a recent blog post he wrote about bitcoin volatility. Moreno\u2019s report explains<\/a> how people try to discredit bitcoin over price volatility, and his study asks whether or not \u201cvolatility [is] a bad thing.\u201d<\/p>\n

The analyst notes in his report that he doesn\u2019t believe volatility is necessarily a bad thing. \u201cI would say it is not, as it increases within each cycle along with price gains. When is bitcoin\u2019s price more volatile? Mostly at market tops, after significant price appreciation,\u201d Moreno\u2019s report emphasized. His bitcoin volatility report concludes:<\/p>\n

What does changes in bitcoin\u2019s 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.<\/p>\n

What do you think about the assessments from Ecoinometrics and Julio Moreno\u2019s reports? Let us know what you think about this subject in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nMarket Updates, 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<\/p>\n","protected":false},"excerpt":{"rendered":"

The analytics provider Ecoinometrics has published a tweetstorm that shows the current downward spiral from bitcoin\u2019s all-time high is one of \u201cthe longest drawdowns bitcoin has had to deal with during a post-halving bull market.\u201d Furthermore, the same day, analyst and economist, Julio Moreno, highlighted in a recent blog post that \u201cin bitcoin, volatility is…<\/p>\n","protected":false},"author":0,"featured_media":9763,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-9762","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/9762"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=9762"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/9762\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/9763"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=9762"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=9762"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=9762"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}