The leading cryptocurrency Bitcoin (BTC) has historically had at least 15 times similar corrections to today’s.
Cryptocurrencies lost up to 50% on Wednesday, and the decrease was felt for the remainder of the week due to consecutive losses. Some names stated that the bull market in cryptocurrencies is over due to this decrease. However, a table prepared about cryptocurrencies reveals that these decreases have always been experienced and that Bitcoin always stands up stronger after these decreases.
These Falls Have Been Happened All The Time
According to a table compiled from data from CoinMarketCap, there have been frequent decreases in Bitcoin, similar to today’s decreases. During each decrease, it is seen that some names claim “Bitcoin is over”.
According to the table called “Historical Corrections of Bitcoin”, the leading cryptocurrency Bitcoin has experienced corrections similar to what we experienced this week 15 times. As seen in the table, there have been similar decreases in bitcoin proportionally since 2012.
According to the data shared in the table, Bitcoin fell from $7 to $4 on January 12 and January 17, 2012, losing more than 42%. According to the table, the biggest decrease occurred between 3 November 2013 and 14 January 2019. Between these dates, the price of Bitcoin fell more than 86% from $1,163 to $152. It is stated that both China’s Bitcoin ban and the “Mt. Gox” case are behind this big drop.
Bitcoin Always Soared By Getting Stronger
As can be seen from the table, higher levels have always been seen after Bitcoin’s major corrections. For example, after seeing $20,000 in December 2017, Bitcoin fell to $3,800 in 2018, and a new high was seen in 2021 with $64,800.
When all these data are evaluated, analysts state that BTC will continue to rise in the long term, although there are decreases in Bitcoin. In addition, it should be noted that the rise in Bitcoin is not unfounded and is due to the supply-demand balance. Increases in price are expected in the long run as the supply decreases by 50 percent every four years while the demand for Bitcoin is constantly increasing.