news 
Bitcoin Drops 17.79% From Its Peak as Traders Watch for Next Move
Bitcoin has plummeted a staggering 17.79% from its all-time high (ATA), leaving traders in a precarious situation, trying to determine the cryptocurrency’s next move.
Despite this significant decline, Bitcoin still holds strong and remains well-aligned with its longer-term bull market perspective. However, the recent price drop has hardly scratched the surface of bear-market magnitude, prompting caution among investors.
Historical Context Reveals Bitcoin’s Resilient Nature
The chart indicates that every previous bull run was followed by a disastrous correction phase before establishing newer highs. These drawdowns have seen Bitcoin retrace -85% in 2011, -87% in 2015, -84% in 2018, and -77% in 2022. In contrast to these magnitude losses, the current -17.79% is essentially insignificant.
This recurrent pattern of downward prices succeeded by euphoric gains reinforces the notion that Bitcoin remains out of harm’s way at this point in time. With a possible retracement on the horizon, it may drop even lower before attempting to climb toward new highs once more.
The possibility of a bullish momentum allowing recovery without serious plunges like those previously recorded cannot be ruled out. However, should support levels generally hold, traders are attentively observing whether Bitcoin can rebound from this relatively shallow drawdown or if losses extend towards -30% or even -40%, which would resemble past mid-cycle corrections.
Market Sentiment Remains Cautiously Optimistic
The recent downturn has hardly disrupted the market’s positive outlook. Most long-term holders view this phase as merely an expected momentum within the cyclical flow of Bitcoin, awaiting confirmation before any major repositioning.
Source: https://cryptonewsland.com/bitcoin-drops-17-79-from-its-peak-as-traders-watch-for-next-move/
