Where is this 28% Bitcoin price drop in history? Not even in the top 5

Bitcoin (BTC) has fallen 28% over the past few days, but analysts have already put the scale of the losses into context.

As noted on January 12 by Nathaniel Whittemore, host of The Outline Podcastin the period between 2016 and 2017 alone, there were six corrections that were greater than the withdrawal this week.

BTC price correction bends to 2017

2017 is known among the market participants as a record year for price action. In addition to 1000% annual profits, Bitcoin saw multiple hurdles as it climbed to the everyday highs of nearly $ 20,000.

“Nice fact: #bitcoin has 6 pullbacks bigger than our recent -28% in the record setup of 1000% + growth year 2017,” Whittemore commented, referring to a chart with data from Travis Kling, CEO of the crypto-asset manager Ikigai.

As BTC / USD fell from a new record high of $ 42,000 to just over $ 30,000, well-known criticism of Bitcoin’s volatility from general financial sources and other critics returned. A setback to $ 36,700, which itself had a record rate, again attracted allegations of market manipulation.

Business as usual for hodlers

For long-term investors, however, the events are nothing new, and they also reflect the behavior on the surface that is seen during other bull runs.

“During the previous cycles, the #Bitcoin downside in the 20% to 40% range of a day to a little over a month took a while to find a bottom,” the email service Ecoinometrics said. summed up with its own comparative charts on Monday.

“If you’ve been waiting for the dive, this is the opportunity to build while you can.”

Ecoinometrics nevertheless noted that only about 15% of the total price corrections of Bitcoin exceeded the $ 42,000 drop.