Since the November 2022 Bear Market Bottom...
Bitcoin - ($BTC )has experienced the following retraces:
• -23% (February 2023) lasting 21 days
• -21% (April/May 2023) lasting 63 days
• -22% (July/September 2023) lasting 63 days
• -21% (January 2024) lasting 14 days
• -23.7% (March/April 2024) lasting 49 days
• -16% (May/June 2024) lasting 35 days
This current pullback is only the 6th major retrace since the 2022 Bear Market Bottom
All of the pullbacks experienced just over -20% retracement depth
Bitcoin has pulled back -16% thus far and has lasted 35 days
Depth-wise, Bitcoin hasn't even reached the cycle-standard of an over -20% pullback yet
In fact, the average retrace depth in this cycle is -22%
Time-wise, this current pullback is almost an average one (average retrace time is ~40 days in this cycle)
Therefore, this current retrace is still below-average in terms of both depth and duration
In sum, there are two key takeaways about retracements in this current cycle:
• The closer Bitcoin gets to a -20% retrace, the better the opportunity becomes
• The longer the retrace, the better the opportunity becomes (especially if the retrace is longer than 40 days)
Source: rektcapital
#xmucan #BTC #BinanceTournament
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