The past two strong corrections occurred in 2013 and 2014 were price retraced for over 75% from the peak values. All smaller corrections occurred in between resulted in a correctional move down of not more than 40%.
The corrective wave back in 2013 resulted in a 76% decline while price moved from $260 high, down to the $60 support and has lasted for 87 days.
The next strong correction was not too far away and happened during 2014 - 2015. This time Bitcoin has corrected from the $1165 all-time high, down to $200 , which resulted in an 82% loss against the USD. The correction, including the consolidation period, has lasted for 637 days!
Third (Current) Correction
With the latest move down, Bitcoin has corrected down by almost 70%, during a relatively very short period of time, only 51 days.
All major corrections have a tendency of a 70-80% drop, while the timeframe of the correctional move and consolidation period can vary. Bitcoin has already corrected nearly 70% from the all-time high and it could be a good buying opportunity for the long-term investors. At the same time, if 80% correctional move will be applied to the chart, the price could drop as low as $4000. Therefore, statistically speaking big players could start or could have started buying Bitcoin Bitcoin anywhere between $6000 and $4000.
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