Economist Timothy Peterson Says “This Decline Has Been Seen 45 Times Before in Bitcoin”, Reveals Price Movement He Expects After This

Bitget App

Trade smarter

Bitcoinsistemi2024/08/05 21:21

By:Mete Demiralp

In his statement, economist Timothy Peterson talked about what he expects from now on in the Bitcoin price.

Bitcoin (BTC) has experienced a significant decline, falling 25% in just 10 days.

Economist Timothy Peterson, known for his expertise on cryptocurrency trends, stated that such a sharp decline is rare. “Bitcoin fell -25% in 10 days. This has only happened 45 times since 2015,” he said.

Peterson examined historical data to give insight into what investors can expect in the coming days. According to his analysis, on average:

10 days after the drop: In 62% of historical instances, Bitcoin has recovered with an average gain of 17%. Conversely, if the downward trend continues, the average loss was around 7%.
20 days after the crash: The recovery picture becomes more nuanced. Bitcoin has only fully recovered 15% of the time. Even more worrying, in 35% of the cases Bitcoin continued to fall, with additional losses ranging from 7% to a staggering 30%.

Related News What's Happening: Bitcoin ETFs See $3 Billion in Trading Volume at the Start of Trading Hours

Historically speaking, an additional 15% drop in BTC price seems consistent, according to the analyst.

*This is not investment advice.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.

APR up to 10%. Always on, always get airdrop.

Lock now!