Worst correction of Bitcoin bull run – When will it rally?

Bitcoin, which fell from the peak of $ 65,000 to $ 42,000 in a very short time, is experiencing the worst correction of the current bull run. However, historical data gives clues as to when it can recover from this fix.

The worst fix of the 2020/2021 Bitcoin bull run

Within a month, Bitcoin price dropped from $65,000 to $42,000. This makes it officially the biggest correction of the bull cycle, the last drop of which started in October 2020.. Seeing similar developments before, it took between four and five weeks for the coin to recover from the dip and record new highs.. Of course, if history repeats itself, we may see a similar situation once again.

Just a few months ago, in October 2020, the Bitcoin price was showing the $10,000 level.. Most of the crypto community believes things have reached the crossroads then. After all, the long-awaited post-halving bull run had begun.

Bitcoin has since increased in value sixfold.. As a result, BTC reached approximately $ 65,000 with new records consecutively.

However, as always, the volatile nature of BTC showed itself and this time the crypto money started to move in the opposite direction.. Of course, Tesla CEO Elon Musk also played a role in this change of direction.. BTC also lost $ 23,000 after the peak. Today, it has recorded the lowest level of the last three months at $ 42,200.

Popular trader Peter Brandt has also been saying that this correction will come for a long time.. This is also the worst 35 percent correction of the current bull run (May 17 low).

Bitcoin bull run corrections chart Source: Twitter

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Previously, 31.6 percent dumped between mid-January and mid-February. In March and April, corrections of 26.3 percent and 18.6 percent were seen, respectively.. Of course, this decline was before the halving, which was seen as a catalyst for the market.

Will Bitcoin see a new high?

Graphs point to BTC price recovering after each dump. This recovery occurs after an average of four to five weeks.. Sometimes it not only regains its lost value, but also sees new highs.. After all, this is the fifth revision of the current bull run, despite being the largest.


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