Bitcoin sees second longest bull market decline with BTC price “stuck”

It has been three months since Bitcoin’s (BTC) all-time high, but one measure suggests that holders may wait longer for the next.

In one a bunch of tweets On July 17, analysis service Ecoinometrics announced that this year’s decline from all-time highs is the second longest in the history of the Bitcoin bull market.

$ 30,000 could stay for “a while”

It has been 95 days since BTC / USD hit USD 64,500 and a big correction has begun. Investors are getting impatient, but despite strong fundamentals, Bitcoin’s spot price action doesn’t seem to be in a hurry to leave $ 30,000 behind.

At 55% below its peak, Bitcoin also threatens to cause problems with price forecasting models, including historically unprecedented stock outflows.

However, if history is a guide, Bitcoin could move sideways for months before rising to beat its record. As Ecoinometrics notes, in 2013 there was a period of 197 days between the two all-time highs.

“This is one of the longest slumps Bitcoin has seen in a bull market since halving,” it admitted on Twitter comments.

“But 95 days are still only half as long as the 2013 crash.”

At this point, BTC / USD hit a floor of 69% below its previous all-time high, which means that the current market constellation could also allow below USD 30,000 and keep the upper hand in historical comparison.

In general, however, 2013 is the year most similar to this year’s Bitcoin price events.

Ecoinometrics concludes: “In terms of price development, this correction also looks very similar to 2013.

“If we continue like this, BTC will be stuck at $ 30,000 for a while …”

Small investors have nothing left

As Cointelegraph reported, on-chain behavior, which recently grossed $ 30,000, is more than just a psychological trading area for Bitcoin.

Related: Bitcoin Price Can Only Go Up If “Reset” Continues To Accumulate $ 30,000 – Research

In addition to the many metrics that back up its importance, investors are starting to amass money again, including those who previously sold at current levels.

At the weekend, statistician Willy Woo To update Image highlighting retail investor buying and different types of whales balancing each other between buying and selling.

“It is retail that is driving the bitcoin bull market. If they stop buying, it is a bear market warning. You still haven’t stopped buying, ”Mr. tweeted along with many charts on Saturday.

“Last 30 days: whales sold 4k BTC, everyone bought 31,000 BTC.”