Yes This Bitcoin Crash Was Scary, But Have A Little Perspective

in bitcoin •  7 months ago

Yes, this latest crash in the cryptocurrency markets was scary, in fact it was down right terrifying!

However, not only was it not the worst these markets have ever seen, but it actually looks quite normal when looking at some of the other price corrections over the years.

I am sure we have all seen the January effect in regards to Bitcoin and other cryptocurrencies.

Basically it shows how bitcoin and others tend to be weak in the middle and end of January, only to rebound quite strongly over the next couple months and go on to make new highs afterwards.

While that is mostly true, I stumbled upon another chart that I think is just as applicable.

I stumbled upon a compilation of some of the worst drops seen in bitcoin since 2012 and was pleasantly surprised by what I saw.


(Source: https://www.marketwatch.com/story/heres-proof-that-this-bitcoin-crash-is-far-from-the-worst-the-cryptocurrency-has-seen-2018-02-09)

As you can see there have been numerous sharp drops in bitcoin over the last 5 years.

Some of the them steeper and some of the faster than what we currently witnessed.

The only thing they all had in common was that prices went on to make new highs afterwards.

Just remember, just because it happened the last 11 times doesn't guarantee that it will happen again, but it is a decent trend to pay attention to.

Especially when we can see that this most recent drop wasn't really anything bigger or faster than other crashes we have seen in the past 5 years.

The only difference this time was that it happened from a higher level and there are a lot more people paying attention to it now.

Other than that, to me, business as usual.

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LOl Thanks for sharing I needed a good laugh.

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If you have invested in the right coin which have a good use case, every dip is an opportunity and even if it dips further you have the satisfaction that it will rise.

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Yes this is true. It must be frustrating thinling you've bought at lowest and then it keeps falling

Really positive news this is. Glad I have been HODLing so far.

I don't believe the worst is over.... enjoy the correction while it last. With Tether creating over 2.3 billion coins in about 1.5 years since inception, and continuing to ignored the subpoena ... it is a major dark horse. By no chance it has 2.3 billion in USD in the bank account. If Tether is proven to be a scam.... Bitfinix will likely fall with it. Possible another Mount Gox situation.... I will be smiling from ear to ear picking up shares like Warren Buffet would.

Feel the burn image.jpg

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Yeah I think that dark shadow is what keeps a lot of us traders up at night. And if you just have everything in secured wallets then it's way more of a hassle to make any good on all these dips and climbs relative to fiat, which is also disappointing.

Oh, I hears this kind of positive news after a long time about bitcoin. Hopefully all this positive vibes will pull bitcoin some good label, at least $10,000+. Id it crosses 10k mark it will automatically help investor to regain faith in investment. Nice Info. Upvated.

Interesting article!

Checkout @cryptobroye for more bitcoin info and analysis. Im sure there's a lot we can learn from each other!

Thank you informasion my friend.. Thanks for the info and graphs just got to be strong through this dipe and wait it out!! Upvoted followed if you get the chance check my blog out I think you will like it! Thanks

HODL that coin like your life depended on it!!!
I'm saving that image and making it my new screensaver xD

thank you sharing this information because it is really mandatory for everyone and I am new here hope you will support me by your great guidance
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You are right

Yes dear bitcoin carrancy rate is very down in market since 3 or 4 months but bitcoin can up i m believe..

Yes it becomes a matter of concern. BTW good explanation!

Your post is really informative.so nice of u mate!!!

this is the longest and one of the lowest corrections ever, if seen as total value drop

Hello there .great post.I have followed and upvoted you.lets help each other grow together.cheers

Nice updete

Good work,very nic post,i like it very much.

The funny thing is, I was expecting around $2,000 by 2020...not $20,000 by 2017 lol but my long term projection is over $1,000,000 per bitcoin....it makes logical sense that in 5-20 years for many of us being multimillionaires regardless just for being involved this early...but by then we wouldn't be looking at the USD equivalent but instead using the cryptocurrency as the unit instead of fiat.

Perspective is key! ..... unless you bought at 19k lol

I think bitcoin will 9200 then will come down to 5k

Thanks for the info and graphs just got to be strong through this dipe and wait it out!! Upvoted followed if you get the chance check my blog out I think you will like it! Thanks

LOL, just imagine all the guys who sold at $3.80.

What do think will happen if Tether unravels?

Yes dear bitcoin carrancy rate is very down in market since 3 or 4 months

Good News , i fan your post (Web Developer , Crypto Guru)

Nice post. Puts things in perspective.

It would be interesting to post the recovery durations as well. How long did each crash take to recover to the top?

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your post is inspiring, i love the art you used to present that information, thank you

Incredibly insightful!

And you are certainly right. It has continued on to reach new highs after.

I have some smallest amount of BTC. I want to hold it but seeing the market crashes I will sell them soon

There are more crypto buyers than ever. This crash has only been a sick opportunity to load cheap coins.

BTCLONGBIT.JPG

Chart: BTCLONGS in Bitfinex.

And remember: when you close a short you're buying. Lots of buy pressure to come for btc next 4 weeks.

this market correction is good for the long term growth of the price of crypto currency

So true, i like the volatility though, so mang opportunities to have a little come up if you play it right, thats what got me into crypto, i guess i just like rollercoasters 😂😂😂

EXCELLENT INFORMATION, I LOVE YOU, I CONGRATULATE YOU

@sme - you have just outlined what a proper market look like. Price actions and reactions are what happens in normal markets, i.e. the markets tend to go down in trends- sometimes quickly, but they also return to higher prices later on. Excellent summation.

Rent Is Too Damn High.jpg

Great post! Followed, upvoted and Resteemed by @cryptoryno33

Good share mate.
It's so refreshing to see some logic and rational pertaining crypto. There are way too many sheeple out here not using their noggin and relying soley on mainstream news to formulate any sort of opinion.

I am 80% confident we will retest and surpass the 20k resistance level before the month is up. We shall see.

Thank you for posting this. It is so important to focus on the both the short-term snippets and the long term, zoom-out views.