{"id":126651,"date":"2025-04-07T21:17:19","date_gmt":"2025-04-07T21:17:19","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=126651"},"modified":"2025-04-07T21:17:19","modified_gmt":"2025-04-07T21:17:19","slug":"bitcoin-on-verge-of-largest-price-drawdown-of-the-bull-market-analyst","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=126651","title":{"rendered":"Bitcoin on verge of largest \u2018price drawdown\u2019 of the bull market \u2014 Analyst"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsBitcoin\u2019s (BTC) 26.62%  decline from its $109,500 all-time high is en route to becoming the deepest drawdown of the current bull market cycle, according to CryptoQuant head of research, Julio Moreno. Bitcoin price drawdown analysis. Source: X<br \/>\nBitcoin has experienced significant drawdowns in past cycles, with a notable 83% drop from its peak in 2018 and a 73% correction from all-time highs (ATH) in 2022. In comparison, the current decline of 26.62%, while substantial, remains less severe than previous bear markets.<br \/>\nThis suggests that even though the current downturn is impactful, it has not yet reached the intensity of previous cycles. However, crypto and macro resource \u2018ecoinometrics\u2019 said that Bitcoin might struggle to stage an immediate turnaround. The analysts explained,<br \/>\n\u201cHistorically, when the NASDAQ 100 falls below its long-term year-on-year average return, Bitcoin tends to grow more slowly. It also faces a higher risk of entering a severe correction.\u201d<br \/>\nBitcoin and Nasdaq correlation. Source: X \/ EcoinometricsWith the Nasdaq 100 currently flat year-on-year, Bitcoin\u2019s price recovery might be difficult, even if the correction halts.<br \/>\nThe recent Bitcoin (BTC) price drop also put Michael Saylor\u2019s Strategy on the defensive, with the firm opting not to purchase any BTC for its treasury between March 31 and April 6.<br \/>\nAdditionally, data from Strategytracker\u00a0highlighted\u00a0that the corporation spent $35.65 billion on its Bitcoin holdings, currently reflecting a mere 17% return on a five-year holding period.<br \/>\nRelated: Michael Saylor\u2019s Strategy halts Bitcoin buys despite dip below $87K<br \/>\nCan Bitcoin hold a position above $70K?<br \/>\nOn the weekly chart, Bitcoin tested the 50-weekly exponential moving average (blue indicator) for the first time since September 2024. A weekly close below the 50-W EMA has signaled the beginning of a bear market in previous market cycles.<br \/>\nBitcoin weekly chart. Source: Cointelegraph\/TradingViewThe immediate point of interest below the current price remains at $74,000, which was the early 2024 all-time high. However, the daily demand zone between $65,000 and $69,000 could be a bigger liquidity level based on its significance. The $69,000 level is also the 2021 all-time high price.<br \/>\nAdditionally, Bitcoin\u2019s weekly relative strength index, RSI, reached its lowest value of 43 since January 2023 at the end of Q1. In August 2023 and September 2024, the RSI recovered from a similar value to trigger a price recovery for Bitcoin. In 2022, when RSI dropped below 40, bears took total control of the market.<br \/>\nAnonymous crypto trader Rekt Capital also predicted based on daily RSI value and said,<br \/>\n\u201cHistorical daily RSI trends in this cycle suggest anything from current prices to ~$70,000 is likely to be the bottom on this correction.\u201d<br \/>\nRelated: Bitcoin, stocks crumble after \u201890 day tariff pause\u2019 deemed fake news \u2014 BTC whales keep accumulating<br \/>\nThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.<a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-on-verge-of-largest-price-drawdown-of-the-bull-market-analyst?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsBitcoin\u2019s (BTC) 26.62% decline from its $109,500 all-time high is en route to becoming the deepest drawdown of the current bull market cycle, according to CryptoQuant head of&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/126651"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=126651"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/126651\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=126651"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=126651"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=126651"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}