Three months have passed since the all-time high of Bitcoin ( BTC), but one indicator suggests that some holders are still waiting for the next.
A series of tweets from July 17 revealed that this year’s decline from all-time highs was the second-longest in Bitcoin bull markets history.
$30,000 could stay “for awhile”
BTC/USD has been at $64,500 for 95 days and is now in a major correction phase. Investors are impatient but, despite strong fundamentals Bitcoin spot price action appears in no hurry leave $30,000 behind.
Bitcoin is at 55% below its highs and threatening to cause problems price forecasting models. This includes the historically unprecedented stock-to-flow.
However, history shows that Bitcoin can go sideways for many months before it reaches its highest point. Ecoinometrics points out that 2013 saw a gap of 197 days between the two highest Bitcoin prices.
It acknowledged that this was the longest drawdown Bitcoin had to face in a bull market after the halving.
“But 95 days is still less than the length of the big drawdown in 2013.
BTC/USD was at 69% below its all-time high. This means that current market conditions could allow levels below $30,000 while still remaining within historical norms.
However, 2013, more broadly speaking, is now the year that looks most like Bitcoin price events.
Ecoinometrics concluded that the correction was very similar to 2013 in terms of price trajectory.
“If we keep going like this, BTC will stay around $30k for awhile …”
Retail investors are not dead
Cointelegraph reported that $30,000 is more than a psychological trading area for Bitcoin.
Investors are starting to accumulate coins again, despite multiple indicators supporting its importance. This includes those who have previously sold at current levels.
Willy Woo , a statistician, updated the image over the weekend. It highlighted retail investors buying and the different classes of whales that balance each other between sells and buys.
“It is retail that drives Bitcoin bull markets. If they stop buying, it’s a warning sign of a bear market. He tweeted along with multiple charts Saturday.
“Last 30 Days: Whales sold 4k BTC and plebs purchased 31k BTC.”
