Now that Bitcoin had its first 30% pullback, what happens next?
bitcoin·@jrcornel·
0.000 HBDNow that Bitcoin had its first 30% pullback, what happens next?
# Bitcoin just pulled back over 30% from its recent highs... What happens next? I am glad you asked! If you have been following along with some of my recent posts you know that during the last bull market in 2016-2017, bitcoin pulled back 30% or so on 8 or 9 (depending on how you interpret the chart) separate occasions. Taking that into context, we likely have just seen the first one of this bull market. # Awesome, so what happens next? Well, for one, just the fact that this is the first major pullback when the last bull market had 8/9 of them likely means are have a lot further to go before this bull market is exhausted. Secondly, we also can get an idea of how often they tend to occur... Looking at a chart from 2016-2017, we can see that these pullbacks happened roughly every 98 days. https://i.postimg.cc/6qhbgWLs/D-e-Dc-Ua-Wk-AAl-Rok.jpg (Source: https://twitter.com/JamesTodaroMD/status/1146029157714993153) That data may be a bit skewed because that 2nd and 3rd period lasted an unusually long time... Excluding those two, we get an average of 63 days between pull backs. # That equates to one significant pullback roughly every 2 months or so on average. That means our next one won't be until September ish. Which means... Hopefully you bought the dip! Stay informed my friends. -Doc
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