This is nothing - Bitcoin had 8 corrections of more than 20% in 2017

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Corrections are par for the course for Bitcoin

We all know that bitcoin can be volatile during bull markets, but did you know that back in 2017 bitcoin experienced 8 corrections of more than 20%?

I knew it had a few. but 8?!

That is significantly more than I had originally expected!

Given that context, the current 17% draw-down seems like child's play, though it could also mean that the current correction isn't over yet.

But, check out how many times bitcoin pulled back by more than 20% back in 2017:

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(Source: https://twitter.com/PLK5280/status/1333064701174018050/photo/1)

Sort of puts the recent pullback into perspective.

Some interesting stats from 2017...

The really interesting thing to me looking at the above chart is there were basically 7 pullbacks by 30% or more back in 2017.

7 of them!

It didn't feel like it back then but the charts don't lie.

The average pullback was 32% and it took roughly 10 days to bottom out.

Though keep in mind that the average duration was pulled out a bit by two drops that lasted for 21 and 24 days respectively.

The majority of the dips were less than a week from peaks to trough.

That would imply that the bottom is probably already in, especially when you factor in the idea that this current dip is similar to the first one on the chart which bottomed out in 7 days.

Though, considering it hasn't yet been 7 days, there still could be one last leg lower.

Personally, I think the low is in for this dip and we are going to break new all time highs before the end of this year.

Stay informed my friends.

-Doc

Posted Using LeoFinance Beta



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2 comments
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There is always a lot to learn about bitcoin from reading your blog. Well done.

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