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



Bitcoin (BTC) may have fallen 28% in recent days, but analysts have already put the extent of the losses in context.

As noted on January 12 by Nathaniel Whittemore, host Breakdown Podcast, the period between 2016 and 2017 alone experienced a total of six corrections that were greater than this week’s utilization.

BTC price correction bends to 2017

2017 is famous among market participants as a record-breaking year for price action. In addition to 1,000% annual gains, Bitcoin saw several obstacles as it climbed to the very highest time of nearly $ 20,000.

“Funny fact: #bitcoin had 6 withdrawals larger than our recent -28% in the record setting 1

000% + growth year 2017,” Whittemore commented, referring to a chart with data from Travis Kling, CEO of crypto asset manager Ikigai.

BTC / USD corrections during 2016 and 2017. Source: Nathaniel Whittemore / Twitter

As BTC / USD fell from fresh record highs of $ 42,000 to just over $ 30,000, well-known criticism of Bitcoin’s volatility returned from mainstream financial sources and other critics. A subsequent rebound to $ 36,700, which in itself record speed, again attracted claims of market manipulation.

Business as usual for hodlers

For long-term investors, however, the events are nothing new that echo as they do the surface level behavior seen during other bull runs.

“Over the previous cycles, #Bitcoins exploits in the 20% to 40% range have taken anywhere from a day to just over a month to find a bottom,” Ecoinometrics analyzes on-chain analysis with its own comparative charts on Monday .

“If you were waiting for the dip, this is the occasion to accumulate while you can.”

Comparative data for Bitcoin price write-down. Source: Ecoinometrics / Twitter

Ecoinometrics nevertheless noted that historically, only about 15% of Bitcoin’s total price corrections have surpassed the drop from $ 42,000.