Bitcoin investors are shrugging off the recent drop in value that saw a loss of over 10.9% on Sunday. A number of speculators believe the price is still very bullish but expect some more big dips along the way. Meanwhile, optimism has been cushioned as onchain statistics show that exchange withdrawals also surpassed deposits on Sunday.
This past Sunday, bitcoin (BTC) took a price hit and the entire crypto market followed it’s downward slump from a high of $12,000 to below $10,700 losing 10.9% in value. The sharp drop was quick and even though a decent amount of value was lost, investors believe that BTC will recoup the losses and continue to gain.
During the bull run that started at the end of 2016 and all the way until December 17, 2017, there were at least six large drops in value on the way up. The third most copied trader on Etoro, @Anders, told his 2,800 Twitter followers that the recent dip was all part of the game.
“This is nothing,” Anders said after the 10.9% drop. “Get ready for 30+% corrections. If you can’t handle those, you won’t make it to blow-off top. The first 30% correction in the last bull run saw weak hands leave BTC at $800. They then watched it go to $20,000. I believe there were six 30% corrections 2016-2017.”
There were in fact six 30% dips between those periods although some of them were in the 29% range. After the last two big drops between June 23, to July 16, and September 3, to September 14, 2017, the dips contracted lower on the way up to the all-time high (ATH).
In 2017, on June 23, bitcoin’s price hit a high of $2,720 but subsequently dropped 29.4% to $1,920 on July 16. Then the following September 3, BTC hit a high of $4,918 but dropped a whopping 34% down to $3,242 ten days later.
As mentioned above BTC’s price drops were much smaller from here on out and shrank up until the $19,600 ATH. The next drop was 10% smaller as the price ran up to $7,415 on November 8,…