Bitcoin sees second longest bull market drop with BTC price ‘stuck’ at $ 30,000

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It’s now been three months since Bitcoin’s (BTC) last record high, but a metric suggests holders can wait even longer for the next one.

In a series of tweets on July 17, analysis service Ecoinometrics revealed that this year’s descent from all-time highs is the second longest in Bitcoin bull market history.

$ 30,000 can stay “for a while”

It has been 95 days since BTC / USD hit $ 64,500 and a major correction phase has started. Investors are impatient, but despite strong fundamentals, Bitcoin spot price action doesn’t seem in a rush to leave $ 30,000 behind.

At 55% below highs, Bitcoin is also threatening to cause problems for price prediction models, including historically unprecedented stock-to-flow.

If history is any guide, however, Bitcoin can still go sideways for months before breaking its record. As Ecoinometrics notes, 2013 saw a 197-day period between two historic highs.

“This is one of the longest withdrawals Bitcoin has had to deal with during a bull market after the halving,” he acknowledged in comments on Twitter.

“But 95 days is still only half the length of the 2013 big draw.” Bitcoin Drawdown Comparison Chart. Source: Ecoinometrics / Twitter

At the time, BTC / USD was hitting a floor price 69% lower than its previous all-time high, meaning the current market setup could also allow levels below $ 30,000 while remaining within historical norms.

More generally, however, 2013 now looks like the year most similar to Bitcoin price events this year.

“In terms of price trajectory, this correction also looks very similar to 2013,” Ecoinometrics concluded.

“If we continue like this, BTC will get stuck around $ 30,000 for a while …” Retail investors are all but gone

As Cointelegraph reported, recent on-chain behavior has portrayed $ 30,000 as more than just a psychological trading area for Bitcoin.

Related: Bitcoin Price May Only Rise If $ 30,000 Accumulation Reset Continues

In addition to several measures supporting its importance, investors are starting to accumulate coins again, including those who were previously selling at current levels.

Over the weekend, statistician Willy Woo updated the image, highlighting purchases from retail investors and different classes of whales balancing between buying and selling.

“It’s the retail business that drives Bitcoin bull markets. When they stop buying, it’s a bear market warning. They haven’t stopped buying,” he tweeted on Saturday. next to several graphics.

“Last 30 days: the whales have sold 4,000 BTC, the plebs have bought 31,000 BTC. »Flows to Bitcoin entities with less than 1 BTC against the annotated BTC / USD chart. Source: Willy Woo / Twitter

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