Bitcoin’s 30% Correction: Healthy Pullback or Bear Market Start?

• Bitcoin’s 30% pullback is typical in uptrends, reflecting similar corrections seen in 2017 and 2021.
• The RSI is oversold, indicating potential for a price reversal and a possible rally.
• On-chain data from CryptoQuant CEO Ki Young Ju signals a potential bear market, with whales selling at lower prices.

Bitcoin has experienced several pullbacks this cycle, most recently a significant 30% drop. 

While this might seem alarming, analyst Rekt Capital points out that it’s actually quite typical when looking at previous market cycles.

How Does This Correction Compare to Past Bull Runs?

Looking back at Bitcoin’s history, this correction mirrors the initial price discovery pullbacks seen in 2017 and 2021. The current 30% drop is similar to the 31% pullback in 2021 and the 34% drop in 2017. 

According to the analyst, these kinds of corrections are normal during an uptrend and don’t necessarily signal a major problem. As Bitcoin’s market cycle progresses, pullbacks can become more severe, but they are often followed by quick recoveries and new all-time highs. The similar depth of these corrections also suggests a potential turning point, much like in past …

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