20:16Bitcoin’s Corrections In 2021: Analyzing Previous Market Dips
The rate of decrease for the current BTC correction has been sharp, but it still trails that which was reached in February.
January BTC correction
This measured a decrease of 31.30%. This amounted to a rate of decrease of 2.21% per day.
After the correction was done, it took the price 17 days in order to reach a new all-time high, doing so on Feb. 8.
Therefore, it took it 1.21 the time of the correction in order to retrace it in its entirety.
February BTC correction
Afterwards, it took the price 13 days to reach a new high. Therefore, 1.85 of the correction time was required in order for a full retracement and a new high.
March BTC Correction
The price corrected by 18%, for a rate of decrease of 1.5% per day. This value was the smallest out of the three corrections.
Afterwards, it took the price 19 days in order to reach a new high, or 1.58 times the length of the correction.
During the previous months, it took BTC between 1.25-1.84 times the length of the correction to reach a new high.
Therefore, even if it reversed trend today, a minimum of eleven days would be required for a new high to be reached if the previous patterns hold.
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