Veteran trader Peter Brandt recently offered his perspective on Bitcoin’s price action, focusing on the magnitude and duration of bull market corrections since 2015.
In a new tweet, Brandt highlighted the magnitude and duration of bull market corrections for BTC since 2015, shedding light on the patterns and trends that have characterized Bitcoin’s journey.
Putting it into perspective $BTC pic.twitter.com/3jkiE3RlB2
— Peter Brandt (@PeterLBrandt) March 25, 2024
Bitcoin’s trajectory over the past decade has been marked by periods of explosive growth and subsequent corrections.
Using a graphic, Brandt highlights the corrections that have punctuated Bitcoin’s historic bull runs since 2015. He indicates the starting point for each Bitcoin’s bullish cycle and significant drawdowns after each local top was reached, as well as the subsequent rebound and drawdowns.
The 2015-2017 bull market peaked at $19,891 on Dec. 17, 2017. During the subsequent bear market, the price of Bitcoin fell by 84%. Meanwhile, the bull market from 2018 to 2021 peaked at $69,000 on Nov. 10, 2021, followed by a 77% decline.
The starting point for this current bull run is Nov. 21, 2022, at $15,460, and past halving cycles suggest a top in August 2025. Bitcoin’s drawdown in this present cycle has so far ranged between 11.5% and 22.6%.
Through an examination of past price movements, a pattern is seen in both the magnitude and duration of these corrections, offering insights for understanding the cyclical nature of Bitcoin’s market cycles.
Bitcoin reclaims $71,000
Bitcoin, the first and largest cryptocurrency by market capitalization, surged into the final week of March, recovering the $71,000 milestone.
Bitcoin’s price was last up 6.33% at $71,193, according to CoinMarketCap data. It increased to $71,582 in early Tuesday trading, marking the fourth day of advances since recovering from Friday’s lows of $62,258.
Bitcoin has been in corrective mode for the past week, following an all-time high of $73,797.68 on March 14. Last Wednesday, it dropped to around $60,800. The cause of Bitcoin’s price jump past $71,000 was unknown, but the cryptocurrency’s price behavior in March was marked by new highs followed by healthy pullbacks.
Bitcoin is on track to end March on a positive note. It has gained 16% this month and 66% so far in the first quarter.
