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Home BREAKING NEWS

Bitcoin Could Dump 30% and Here is Why

by BlockNews.com Team
November 13, 2023
in BREAKING NEWS, BUSINESS, CRYPTO
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Bitcoin Could Dump 30% and Here is Why

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  • Bitcoin has seen over 120% growth in 2023, signaling potential start of a new bull run
  • However, history shows large inclines are typically followed by corrections as part of the normal market cycle
  • Past data shows corrections of 30%+ are common, often tied to factors like profit-taking and leveraged position liquidations

Bitcoin has seen robust growth of over 120% year-to-date in 2023, potentially signaling the start of a new bull run. However, history shows that such inclines are typically followed by market corrections as part of the normal market cycle.

🚨 NEWS: Market trends suggest an inevitable correction for #Bitcoin

Previous cycles experienced multiple corrections over 30%.

Bitcoin has pumped 50% without a significant correction.

Do you think a retracement is coming? pic.twitter.com/g7hrmwxv8s

— BlockNews.com (@blocknewsdotcom) November 13, 2023

The 2023 Correction So Far

In 2023 alone, the most significant correction was a 20% decline in July when Bitcoin’s value dropped from $31,000 to $25,000.

Historical Precedents for 30%+ Corrections

Delving into historical data, during the China mining ban in 2021, a sharper correction of 50% was seen from Bitcoin’s previous all-time high.

The 2020 Covid-induced market crash was an outlier. Outside of that, trends from 2015-17 and 2011-13 cycles show multiple corrections of over 30%. These are often tied to factors like profit-taking and liquidation of leveraged positions.

Conclusion

While Bitcoin’s ascent in 2023 is promising, investors should expect periodic corrections as a normal part of market cycles. These can contribute to the overall health of the market.

Tags: BitcoinBlockchainBusinesscryptoCrypto Regulation
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