The original post: /r/cryptocurrency by /u/Avocados6881 on 2024-10-06 11:33:35.
I’ve been looking at the 1W Bitcoin chart and noticed a recurring pattern: after every all-time high (ATH) above $60,000, there’s a significant price correction in the range of 50-70%. This happened in 2021 after the April peak, and again in 2022 following the 2021 November ATH.
Considering we reached a new ATH this March, and the price has been forming lower highs and lower lows since then, it makes me wonder: are we heading for another major downturn?
Historically, Bitcoin has experienced these cycles, especially after halving events. However, there are other factors to consider this time around:
- Increased Market Maturity: Bitcoin has gained more mainstream acceptance and institutional adoption. Could this potentially dampen volatility?
- Macroeconomic Uncertainty: Global economic conditions are playing a role, and these are different from previous cycles.
- Regulatory Scrutiny: Increased regulation could impact investor sentiment.
Personally, I’m a bit anxious, especially after my experience with Mt. Gox. I’m hoping to avoid another major crash, but I also know that anything is possible with Bitcoin.
What do you all think? Are we in for another deep correction, or are there reasons to be more optimistic this time?