We are currently 3 weeks into our recent pullback, which is the average length of most pull-backs in 2017
Back in 2017 bitcoin saw 5 pullbacks of close to 30%.
The really interesting thing about these pullbacks is the length of time they lasted...
From the top to the bottom, the average length of the pullback was roughly 3 weeks, with the majority actually being less than 3 weeks.
In fact, only one pullback lasted longer than 3 weeks...
Check it out:
(Source: ~~~ embed:1354511309757427714/photo/1) twitter metadata:VGhlTW9vbkNhcmx8fGh0dHBzOi8vdHdpdHRlci5jb20vVGhlTW9vbkNhcmwvc3RhdHVzLzEzNTQ1MTEzMDk3NTc0Mjc3MTQvcGhvdG8vMSl8 ~~~
As you can see above, the longest pullback back in 2017 lasted roughly 5 weeks.
Well guess how many weeks we are in with our current pullback?
I have a hint for you... it's more than 2 and less than 4...
There is no guarantee that history will repeat again here, but I do like our odds.
We have a 30%+ pullback, and it's already lasted roughly 3 weeks, two things which would pretty much mean it's ready to start heading back up in 2017.
For some further context on what to expect from here if history does in fact repeat, here's the draw-down percentages followed by the percentages gained:
After dropping by roughly 30%, the price rallied by over 100% every single time.
If this is the low, and it follows what it did back in 2017, we would expect bitcoin to start going up soon and it would hit roughly $60k before it saw roughly another 30% correction market.
The good news is that we likely don't have to wait long to find out whether this time is different or not.
Stay informed my friends.
-Doc
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Very good information.... I have noticed that ADA is also doing very well
It's time for HIVE to start doing well... how do we make that happen?
I am trying to integrate users into HIVE, to guide them in creating high quality content. Sooner or later, social web 3.0 will go to the moon. It's just a matter of time ... 2 or 3 years, no more
Wait for it...
https://peakd.com/hive-167922/@chekohler/could-a-stock-market-crash-up-be-a-possibility
Not sure if you are agreeing or disagreeing? I actually think the stock market could crash up as well. Too much liquidity out there. Tons of cash on the sidelines.
I seriously thought that was a picture of a shark when I first saw it in my feed. Then I realized it was a chart :) Fingers crossed we are ready to see a break out! I feel like I have been crossing my fingers a lot the past couple of months. It has been a really exciting time!
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Yea we are at an inflection point right here. We are either on the lows, or this time is different...