Bitcoin News and Finance
Analyst: ‘Bitcoin Correction Very Similar to 2013 — BTC May Remain Stuck at $30K for a While’ Skip to main content

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

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’s still a lot more time left on the clock.

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

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory