The next bull market in Bitcoin is now building a bottom. As a result, bears continue to rule the market, sending the price of bitcoin below $29,000 in the last 24 hours. Traders expecting the bear market to conclude may have to wait longer due to unfavorable conditions. Will Bitcoin Retrace? Bitcoin is no stranger to retracements of higher than 20%. More substantial corrections have occurred in Bitcoin’s history than this current one. Those who have been around long enough to recall previous meltdowns of more than 50% in less than a month can attest that this is just another hiccup. Since Bitcoin’s inception, there have been around seven price corrections, with the price dropping by half. Bitcoin has always bounced back after each of these corrections. Bitcoin fell by 83% in a short period of time in April 2013. When China first outlawed Bitcoin in December of that year, it dropped another 50%. BTC/USD slides below $30k. Source: TradingView 2018 was a difficult year. Although it reached an all-time high of about $20,000 in December 2017, it was only worth about $3,000 in December 2018. More recent investors will recall the March 2020 meltdown, when Bitcoin dropped 50% in a few of days. In May of 2021, the same event happened. Related reading | New Data Shows China Still Controls 21% Of The Global Bitcoin Mining Hashrate Despite this, markets are in chaos today, with Bitcoin down more than 20% in the previous ...
