Bitcoin (BTC) Will Soon Break Record for its Longest Correction Ever, Where Will it Go Next?
The past year has been long and difficult for everyone involved in the cryptocurrency industry, and the markets are now reaching a point that will mark the longest ever Bitcoin (BTC) price correction in the cryptocurrency’s wild, albeit brief, history.
For investors who have been riding the markets ever since Bitcoin hit nearly $20,000 in late-2017, they will soon be able to say that they survived the longest-ever crypto market correction, which may someday be seen as a badge of honor that separates the true believers in the technology from the speculators.
Bitcoin (BTC) To Break Correction Record in Early February
Currently, the longest ever crypto bear market was seen between November of 2013 and January of 2015, where Bitcoin’s price climbed to highs of over $1,100 before crashing to lows of $178.
Although this nearly 85% drop was significant, it’s no secret that Bitcoin quickly recovered from this and surged almost continually until December of 2017 when BTC reached highs of over $19,000.
The aforementioned drop between late-2013 and early-2015 lasted a total of approximately 410 days before Bitcoin finally established a long-term bottom and began to recover much of its losses. The current BTC bear market is just a matter of days away from becoming the longest in its history.
Josh Rager, a popular cryptocurrency analyst on Twitter, spoke about the current length of the bear market as compared to that which began in 2013, saying:
“$BTC correction record: On Feb 2nd, we are likely to break the record for longest Bitcoin correction: 410 days (from Nov 2013 to lowest price at Jan 2015)… Very soon, you will be able to say that you survived the longest crypto market correction in $BTC history.”
$BTC correction record:
On Feb 2nd, we are likely to break the record for longest Bitcoin correction: 410 days (from Nov 2013 to lowest price at Jan 2015)
Very soon, you will be able to say that you survived the longest crypto market correction in $BTC history pic.twitter.com/Mag1Nq5tyo
— Josh Rager
(@Josh_Rager) January 24, 2019
Will Bitcoin Follow 2015’s Market Patterns?
Although the cryptocurrency markets are undeniably in a very different position today than they were in 2015, if the current pricing action continues to closely mirror that of 2015’s, the markets could be nearing a long-term bottom that will spark a long period of accumulation before the markets begin to rise again.
Bitcoin may repeat 2015’s price action.
Galaxy, a popular cryptocurrency analyst on Twitter, spoke about this possibility in a recent tweet, drawing a striking parallel between the two markets.
“We’re approaching the…mark which ended the 2015 bear market and if history repeats itself, we’re moving towards several months of accumulation and a new bull cycle starting mid-late 2019,” he noted while referencing a chart that shows the 2014 bear market which lasted until 2015,” Galaxy told his followers, also noting that the “future lies in the study of the past.”
"The future lies in the study of the past"
We're approaching the 420 day mark which ended the 2015 bear market and if history repeats itself, we're moving towards several months of accumulation and a new bull cycle starting mid-late 2019. $BTC #bitcoin pic.twitter.com/VX8ok9oFue
— Galaxy (@galaxybtc) January 14, 2019
If this theory turns out to be even remotely accurate, Bitcoin could see a long bout of sideways trading before skyrocketing back towards, or possibly above, its previously established all-time-highs.
Featured images from Shutterstock.
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by Cole Petersen on January 25, 2019 at 05:30AM