Where does this 28% Bitcoin price drop rank in history Not even in the

Bitcoin ( BTC ) may have dipped 28% in recent days but analysts have already put the scale of the losses firmly in context. As noted on Jan.12 by Nathaniel Whittemore , host of The Breakdown Podcast , the period between 2016 and 2017 alone saw a grand total of six corrections that were larger than this week's drawdown.2017 is famous among market participants as being a record-breaking year for price action. In addition to 1,000% annual gains, Bitcoin saw multiple hurdles as it climbed to then all-time highs of near $20,000."Fun fact: #bitcoin had 6 pullbacks bigger than our recent -28% in the record setting 1000%+ growth year of 2017," Whittemore commented, citing a chart with data from Travis Kling, CEO of crypto asset manager Ikigai. As BTC/USD fell from fresh record highs of $42,000 to just above $30,000 , familiar criticism of Bitcoin's volatility from mainstream financial sources and other critics returned. A subsequent rebound to $36,700, itself record-breaking in speed, in turn attracted claims of market manipulation. For long-term investors, however, the events are nothing new, echoing as they do the surface-level behavior seen during other bull runs."During the previous cycles, the #Bitcoin drawdowns in the 20% to 40% range have taken anywhere from a day to a little over a month to find a bottom," on-chain analytics service Ecoinometrics summarized with comparative charts of its own on Monday. Ecoinometrics nonetheless noted that historically, only around 15% of Bitcoin's total price corrections have surpassed the fall from $42,000. Popular industry figures meanwhile reiterated that lower price levels amounted to little more than a buying opportunity for zealous investors."It's hard to believe Bitcoin is up 10% year to date for 2021 this morning at $32,000. But that's how this works. If you can't handle the crazy volatility, then manage that concern with your position size. I'm treating this morning's move as a big buying opportunity," Preston Pysh, co-founder of The Investor’s Podcast Network commented .


All data is taken from the source: https://cointelegraph.com/
Article Link: https://cointelegraph.com/news/where-does-this-28-bitcoin-price-drop-rank-in-history-not-even-in-the-top-5


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