• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
Nexo

If History Rhymes, Bitcoin Will See Steep Corrections Before New Highs

Cole Petersen by Cole Petersen
2 years ago
in Bitcoin
0
  • Bitcoin is clearly in a full-blown bull market, with each dip being aggressively absorbed by buyers as it continues grinding higher
  • Unlike BTC rallies of the past, this latest one has mainly been a slow grind higher, which is a testament to the crypto’s maturation as an asset
  • It has seen a few strong pullbacks throughout the course of this recent push higher, but it is important to note that buyers have quickly reversed all of these
  • One veteran trader is now noting that Bitcoin historically sees around 9 strong pullbacks, averaging 37%, during multi-year bull trends
  • This means that in the coming months and years, the crypto could see some sharp declines

Bitcoin and the entire cryptocurrency market have been growing stronger and stronger with each passing day.

Bears have tried to gain control of the benchmark digital asset on multiple occasions, but they have been wholly unable to do so.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Where the entire market trends next will depend largely on whether or not buyers can continue shattering the high time frame resistance levels that lie just above where it is currently trading.

One veteran trader is also noting that while Bitcoin has yet to see any sharp selloffs, it is a strong possibility that the cryptocurrency will see some in the months ahead as its macro uptrend continues.

Bitcoin Nears 2020 Highs as Bulls Flex Their Strength

At the time of writing, Bitcoin is trading up over 3% at its current price of $16,420. This is just a hair below its recent highs of $16,500 set just a few days ago.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

If it can shatter the resistance at $16,500 and rally towards $17,000, it could be on the cusp of being catapulted to its previous all-time highs.

A rejection here is likely, but it remains unclear how long this level will hold as resistance.

Veteran Trader Claims BTC May See Some Serious Pullbacks

One veteran trader explained that although Bitcoin’s price action is incredibly strong, he believes that the cryptocurrency could see some major pullbacks in the future while still maintaining its bull trend.

He notes that, historically, BTC sees around 9 significant corrections throughout the course of a macro uptrend.

“During the 2015-2017 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.”

Bitcoin

Image Courtesy of Peter Brandt.

This means investors shouldn’t be alarmed if Bitcoin sees a steep correction in the weeks and months ahead.

Featured image from Unsplash.
BTCUSD pricing data from TradingView.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Related Posts

Bitcoin BTC BTCUSD

Rich Dad Author Recommends Bunkering Down With Food, Guns, And Bitcoin

9 hours ago
liquidations

Liquidations Settle As Bitcoin Regains Footing Above $30,000

10 hours ago
Balenciaga

Balenciaga To Accept Bitcoin And Ethereum Payments In The U.S.

12 hours ago
Bitcoin

Bitcoin Mining Farm – A Psychiatric Clinic – Uncovered In Moscow’s Oldest Prison

15 hours ago
Bitcoin

Bitcoin And Retirement: U.S. House Bill To Include Crypto On 401(K) Plans

1 day ago
Crypto

Cryptocurrency Is ‘Worthless,’ European Central Bank President Says

2 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.