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Home»BITCOIN NEWS»Historical data indicates that a 25% plunge in Bitcoin is imminent.
BITCOIN NEWS

Historical data indicates that a 25% plunge in Bitcoin is imminent.

By Crypto FlexsMarch 2, 20243 Mins Read
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Historical data indicates that a 25% plunge in Bitcoin is imminent.
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historic data This suggests that no Bitcoin cycle has reached its peak without experiencing a significant double-digit correction. These downturns, although difficult, have historically provided investors with profitable ‘buy the dip’ opportunities.

As the price of Bitcoin continues its upward trend, including above $62,000, expectations for a potential correction have grown, providing a window into the cyclical nature of the cryptocurrency market.

Market maturity and correction patterns

Seasoned investor CryptoJelleNL recently shared a post about X pointing to an imminent correction in Bitcoin’s 20-25% range.

According to cycle analysis, this predicted decline indicates a possible decline towards the $46,500 range, which would provide an opportunity for investors to strengthen their positions in the leading cryptocurrency.

Proofreading is an essential part. #Bitcoin Bull market — but as the cycle progresses, the decline becomes shallower.

In this cycle, ±20-25% appears to be a suitable range for buying dips.

Your job is to be ready to take advantage of opportunities when they come. pic.twitter.com/xrI7iKfiPR

— Jelle (@CryptoJelleNL) March 1, 2024

This view gains further credence when we examine that the severity of corrections decreases as markets mature. The 2016-2017 Bitcoin cycle was characterized by seven substantial corrections, including an average decline of 32%, which had a significant impact on investor sentiment and portfolio values.

In the subsequent cycle, which pushed BTC to its current all-time high of $69,000, market conditions were much more generous to optimistic investors. The average decline was limited to 24% over the course of five downturns.

Fast forward to the current cycle and the landscape looks somewhat different. With only four notable corrections recorded so far and an average decline of 21%, Bitcoin is set to see a notable decline, albeit not as harsh as before. This indicates the increasing maturity of the market.

Bitcoin Historical Pullback Shared by: CryptocurrencyJelleNL

This evolution also suggests that while corrections remain a staple of the Bitcoin experience, their ability to constrain the asset’s long-term trajectory is diminishing.

Explore Bitcoin’s upcoming fixes

Bitcoin’s potential correction pointed out by CryptoJelleNL was also echoed by other market observers. Michael Novogratz, CEO of Galaxy Digital Holdings, also emphasized the possibility of a temporary decline due to factors such as excessive leverage by young investors.

Despite these predictions, Bitcoin’s current momentum remains strong, with recent price action up nearly 2% in the last 24 hours highlighting the asset’s strong appeal.

TradingView Bitcoin (BTC) Price Chart
BTC price is moving sideways on the 2-hour chart. Source: TradingView.com BTC/USDT

In addition to speculative analysis, real-life examples of investor success stories provide tangible evidence of Bitcoin’s enduring appeal. A notable example is the smart whale, according to Lookonchain. hermeneuticsIn July 2022, $1.39 billion was invested in Bitcoin at an average price of $21,629 per BTC.

With BTC price currently surging past $62,000, this investor’s unrealized profits demonstrate the strategic potential of a timely market entry and the value of patience in the face of volatility.

Smart whales gathered 22,670 $BTC($1.39 billion) The average price after that is $21,629. $BTC We entered a bear market in July 2022.

He currently has over $900 million in unrealized profits! https://t.co/gT1kfWq5YF pic.twitter.com/BTcijZB0IA

— Lookonchain (@lookonchain) March 1, 2024

Featured image by Unpslah, chart by TradingView

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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