The year 2013 and 2019 are two distinct years, and things are very much different this year. However, the chart patterns in 2013 and 2019 are showing similarities. Bitcoin (BTC) is a multi-billion dollar industry but it is known as a highly volatile asset. However, one thing that is for sure with Bitcoin (BTC) is that its price will always correct higher.
At the time of writing, the price of Bitcoin (BTC) is about 43 percent down from its 2019’s all-time high. Some months ago, some analysts predicted a correction of this magnitude, and the plunge to the $8k range is largely expected.
Josh Rager – a digital currency analyst and trader – has been studying the previous corrections. Rager pointed out that this one is relatively minor in comparison. He said:
“2013: Bitcoin bull market pulled back 75 percent over 89 days before a 1,600 percent increase to new highs in that same year. 2019 Bitcoin (BTC) is currently down by 42 percent over 91 days.”
He added that this present correction is no big deal compared to a pullback of 75 percent. He also predicted that the price of Bitcoin might fall further towards the mid-$6k range.
Bitcoin Is Still Up by 110 Percent So Far This Year
Rager said that Bitcoin (BTC) price might plunge towards $6,300 and $6,600 where there is a major interest. A decrease to the $6,500 level would mean a drop of about 53%, which is still less than that of 2013. Last year, the price of Bitcoin (BTC) corrected by 84% from its all-time high to around the $3k level in December.
From January until date, the price of Bitcoin (BTC) is still up by 110%. If the predicted plunge happens, the year-to-date increase in BTC price would be around 70%. Correction provides great investment opportunities and many investors and traders across the globe know this. The current plunge is a great buying opportunity for those that understand the market.