This is a chart outlining all of Bitcoin's most serious crashes in terms of % loss. This chart helps to put things into perspective. Bitcoin's largest "crash" before its most recent one was from Nov 30th 2013 to Jan 14th 2015 (411 days). The question is can you really call a movement like that a crash or is it more of a correction?
I believe that it was a correction. Just before that 411 correction period Bitcoin hit it's first major all time high making it to a 4 digit value for the first time ever showing potential to compete with the price of gold in terms of per unit value. Without a large enough following to maintain a price spike like that Bitcoin fell into a long winded correctional period.
The correction that we experienced over the last few months was almost as large of a % loss but happened much faster. This could be due to market manipulation and the increased number of investors who have been holding onto Bitcoin without a real understanding of the benefits of the technology behind it. In other words the market was filled with weak hands.
The good thing about this theory is that the weak hands have left the market and may or may not be waiting to enter the market again so the FUDing at this point will have little to no affect on Bitcoin's price. That's right my personal feeling is that Febuary 6th Bitcoin low is the lowest we will go for the foreseeable future.
This chart was posted in our Discord trading group by Wael our expert technical analyst. He says that we need to wait to make sure that the BTC price begins trading above the Ichimoku cloud (red cloud in background) to get confirmation that we are back into a bull market.
Keep and eye on Bitcoin's price. If it makes it above $13k Then the next move could be straight to the moon. Join the Crypto10x trading group here and subscribe to the Crypto10x Youtube channel here to keep up to date with our calls and get access to instructional video. And of course don't forget to Up-vote, Re-steem and Follow me here on Steemit.
