Bitcoin (BTC) Price Bounces to $53K After Brutal Sell-Off Reminiscent of Covid Crash
- WBOYOriginal
- 2024-08-06 09:44:10399browse
Bitcoin's 30% decline in a week was for some observers reminiscent of the March 2020 crash, but there's been multiple occasions of similar drawdowns during previous bull markets.
Bitcoin (BTC) rebounded to above $53,000 on Monday after logging its steepest drawdown in this bull market, but the sell-off was typical of previous market cycles, some observers noted.
BTC traded near $70,000 a week ago, but prices tumbled 30% from peak to trough last week. At press time, the cryptocurrency was trading down 10% over the past 24 hours.
"While the action felt brutal, the magnitude of the drawdown was typical during previous bull markets," Alex Thorn, head of firmwide research at Galaxy, noted Monday.
"Expect crypto to recover relatively quickly given most of the selling at this point is forced and complete panic," said Daniel Cheung, co-founder of digital asset venture firm Syncracy Capital. "Ironically, the floodgates to a much greater bull market has been opened."
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