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Bitcoin is fast approaching the longest declining price series of its ten years of existence. The question some badysts are asking is this.
402 days and count
Between November 2015 and January 2017, the cryptocurrency ranked first has had its longest price correction, 410 days. In the end, the BTC price 00 reached the trough of the wave before a period of accumulation and lateral trading, which set up the bull market of 2016/2017.
This bull race peaked at a record high of $ 19,700 in mid-December 2017 (ATH). Since the beginning of 2018, BTC has experienced another prolonged downward spiral. Unless BTC realizes a significant recovery, February 2, 2019 will set a new record for the longest Bitcoin price correction.
$ BTC correction sheet:
On February 2nd, we will probably break the record for the longest Bitcoin correction: 410 days (from November 2013 to the lowest price of January 2015)
Very soon, you will be able to say that you have survived the longest correction of the crypto market in $ BTC l & # 39; history pic.twitter.com/Mag1Nq5tyo
– Josh Rager ? (@Josh_Rager) January 24, 2019
History repeats itself?
Recently, market badysts like Josh Rager and Galaxybtc took on Twitter, talking about the imminent registration and implications for the market. For Galaxybtc, if history repeats itself, BTC is likely to start a new bullish cycle between the autumn and winter of 2019.
Giving credit to this theory is the notion that Bitcoin is parabolic a review of BTC price logarithmic action shows a similar pattern between 2013-2015 and 2018. BTC fell more than 80% during the price defeat in both periods.
"The future lies in the study of the past"
We are approaching the 420 days that ended the bear market of 2015 and if history repeats itself, we are heading towards several months of accumulation and a new bull cycle starting in mid-2019. $ BTC #bitcoin pic.twitter.com/VX8ok9oFue
– Galaxy (@galaxybtc) January 14, 2019
However, while the graphs paint a similar picture for both periods, market knowledge seems very different. Bitcoin is no longer an obscure badet, but a major economic, political and social issue.
This heightened market awareness has also resulted in increased regulatory oversight. The focus is on market manipulation, according to some commentators, is causing many sharp increases in Bitcoin prices.
BTC Bottom and Reward for HODLers
If the price structure is to be maintained, BTC must establish a long-term background. When Bitcoin fell for the first time to $ 6,000 in February 2018, the speech on a low price dominated the industry pitch. During the mid-November 2018 slide, the BTC price withstood two attempts to go below $ 3,000.
1 / Let's do a little trip. And if the story rhymes well? pic.twitter.com/VDSonz68Gw
– Murad Mahmudov ? (@MustStopMurad) January 13, 2019
For Murad Mahmudov, an badyst at Bitcoin, it is more of a story situation that rhymes than to repeat itself. According to Mahmudov, the process of phasing out BTC involves two final stages; baby capitulation and final capitulation.
In line with Mahmudov's reasoning, Woobull.com's creator, Willy Woo, presented a graph on Friday corroborating the story of two more declines before the end of the BTC season.
In November 2018, Arthur Hayes, head of BitMEX, predicted an extended bear market that could last 18 months at the time. He also estimated that his BTC fund was between $ 2,000 and $ 3,000.
The 2013-2015 bear market gave rise to the term "Hodl, "Which may have become the most iconic term in Bitcoin jargon. For Bitcoin enthusiasts, hope will be that history repeats itself, with BTC reaching a new record, probably in 2021 and 2022 after the next halving in May 2019.
The good side of the Bitcoin holders, however, is in the Bitcoin dominance index. The figure actually rose in 2018, rising from a record 33% when the price was at its peak to about 52% today.
Do you think the story will be repeated with Bitcoin who will see a new absolute record in the near future? Let us know your thoughts in the comments below.
Images courtesy of Twitter (@Josh_Rager, @galaxybtc and @MustStopMurad) and Woobull.com, Shutterstock
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