Analysis of previous Bitcoin bottoms suggests more pain to come

Analysis of previous Bitcoin bottoms suggests more pain to come
HeadlinesNewsAnalysis of previous Bitcoin bottoms suggests more pain to come

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Analysis of previous Bitcoin bottoms suggests more pain to come

CryptoSlate2 days ago
Published on June 23, 2022 11:30 GMT+00:00edited on June 23, 2022 23:44 GMT+00:00

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Market Analyst at Bitcoin Magazine, Sam Rule, tweeted a comparative chart of Bitcoin returns over the last four significant peaks. The most recent timeline, depicting our current situation, suggests more downside is to come.

The chart comprises the 2011 period, which ended after 160 days and a 93% drawdown; the 2013-2015 period, which ended after 410 days and an 85% drawdown; and the 2017-2018 period, which ended after 360 days, and an 83% drawdown.

The current 2021-2022 period is 220 days in, and so far, down 69% from the November 2021 peak.

Analysis of past Bitcoin drawdowns

The previous percentage drawdowns range between -93% and -83%, suggesting the current “live” drawdown of -69% has more to fall before reaching a bottom.

By examining the percentage drops sequentially, …