BTC (₿) - Will it Rise from the Ashes like a Phoenix?
The figure below shows the major bitcoin corrections over the past 10 years. The maximum drawdown was 86.9% from 2013-2016. It is kind of inevitable that we face strong volatility in ₿ and crypto, in general.
Right now, ₿ is at ~$21000 at the time of writing.
That's approximately, 70% down from all time high of ~$69000. Woo... Scary. 👹
Assuming the "worst" scenario that the maximum decline will be 90% (a little more than the maximum historical correction), that gives a GRAND value of $6900 at the bottom!
If it's a 85% drop, then $10000 is a good support level. Let's hope for this. [Bless]
The key takeaway is that ₿ behaves like a cat with nine (maybe more) lives. It may be beaten down multiple times, but it always survives and comes back stronger to make new ATHs!
No one really knows what will happen to crypto in future, but ₿ certainly has a good track record in bouncing back when the odds are stacked against it. 💪
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it will rebound to all time high!
Hi