Bitcoin’s Fall Resembles 2017 Crash

Bitcoin’s price is on a see-saw swing in March as the fluctuation has hit a peak. It went from $86,000 to $81,000 and quickly dipped to the $76,000 range. BTC rebounded to the $81,000 level again on Wednesday after surging nearly 2% in the day’s trade. The flip-flop in price is making investors cautious about taking an entry position into the asset. The fears stem after the US stock market declined another 450 points on Tuesday, which could affect the cryptocurrency sector.

BTC: Bitcoin’s Recent Crash Resembles the 2017 Market Cycles

Bill Barhydt, CEO of crypto firm Abra wrote that the recent fall resembles the 2017 market crash. Bitcoin had plunged 25% back then but recovered in value in less than a year. Bill wrote that BTC could fall 25% again and repeat its historical market corrections. He stated that investors need not fear the crash as BTC is following its cyclic pattern.

he wrote.

he summed it up.

Ya’ll never change.

Bitcoin is now experiencing its 11th 25%+ correction in ten years and every time everyone reacts like the sky is falling and every time everyone screams that it’s different this time.

This pullback looks, smells and feels 100% just like 2017 to me. Rising…

Therefore, if Bitcoin falls another 25% from here, its price could reach the $60,750 mark. BTC has faced corrections every time it prints new highs and has managed to claw back in a year’s time. The asset is now backed by trillion dollars worth of institutional funds through their ETF investments. A bounce back after the crash has more chances as institution funds could be deployed during the dips.