Bitcoin bounce signals the end to the least severe correction of 2021 |

With Bitcoin finally breaking $4k, it is time to say goodbye to the most serious correction of 2021.

Bitcoin is the most popular cryptocurrency in the world, and it has been on a roller coaster ride ever since its inception. The “what is one bitcoin worth” was released by the US SEC on April 10th, 2019.

Bitcoin bounce signals the end to the least severe correction of 2021 |

Bitcoin has been on a downturn since setting a fresh all-time high of $69,000 on November 10. The market was jittery after Friday’s 9% drop, but bulls were lucky to find sturdy support above $53,800.

Two further retests at $53,800 have also remained steady since then. Crypto YouTuber Lark Davies noticed that the recent rally has kept a five-month uptrend line alive. Inferring that, despite the recent uncertainties, the macro-bull is still on track.

Bitcoin bounce signals the end to the least severe correction of 2021 |@TheCryptoLark on Twitter.com is the source of this information.

“WHOA!!! “Bitcoin has just rallied back from a crazy trend line retest!”

Since falling from its all-time high, mood has plummeted, with dread dominating the weekend. The Fear & Greed Index is now at 33, slightly higher than yesterday’s rating of 27. However, this is typical of volatile market mood.

Focusing on short-term price action and worrying, as IOHK CEO Charles Hoskinson said at the outset of the decline a week ago, is the incorrect strategy.

What Hoskinson advocates for is a stronger emphasis on the big picture, which, in his opinion, is the widespread acceptance of crypto. While he couldn’t place a price on it in terms of ADA, if it did, early investors (and hodlers) would be better rewarded in the long run.

In 2021, how does the latest Bitcoin crash compare to others?

While the current sell-off may have alarmed some members of the crypto community, it was the least severe in 2021 in terms of sell-offs.

Glassnode calculated a percentage for each sell-off in 2021 based on drawdowns from the all-time high. The most recent drawdown, in November, was just -21.8 percent, the least by this criteria.

“During this month’s [sic] slump, #Bitcoin has traded down -21.8 percent from its all-time high. It may come as a surprise that, in terms of depletion from ATH, this correction is the least severe in 2021.”

Other declines in 2021 range from -24.2 percent to -37.2 percent in January, February, April, and September. With a -54 percent drop from May to July, the sell-off was the most severe.

Bitcoin bounce signals the end to the least severe correction of 2021 |The price of bitcoin has dropped from its all-time high. (Image courtesy of Twitter user @glassnode)

A succession of negative news, beginning with Elon Musk’s U-turn on Bitcoin owing to his conviction that Bitcoin mining is very polluting, caused the May-July period. The second notable event during this time was China’s intensification of anti-crypto measures, including a mining ban and new restrictions on retail crypto dealers.

Despite the fact that Bitcoin’s trendline is still intact, attitude will not alter until the price rises beyond $59,000. Nonetheless, those concerned about the conclusion of the bull market will be relieved by today’s recovery.

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Bitcoin bounce signals the end to the least severe correction of 2021 |

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