Bitcoin (BTC) has experienced better times, and the recent decline has prompted some to question if the bull run has ended. Despite this, many remain confident that this downturn could be the initial significant drop before the leading cryptocurrency reaches a new all-time high. In March, long-term crypto and stock investor Jelle noted that price corrections during bull runs are typical.

“Corrections are an essential part of a bitcoin bull market — but with each passing cycle, the dips become shallower,” Jelle said at the time. “This cycle, it looks like +20-25% will be the sweet spot for dip-buying. Your job is to be ready to take advantage when it comes.”

Jelle also provided a chart illustrating that the average drawdown in 2017 was 32%, while in 2021, it was 24%. Between 2023 and 2024, there have been three instances of 22% declines.

Source: Jelle on X in March 2024.

The dip to $53,550 per unit on July 5, represents a 27.3% drop from the $73,737 ATH and the latest bounce back reduced the correction to 23.4% by Friday’s close. Capriole Investments founder Charles Edwards stated that BTC just completed the longest streak without a 25%+ dip.

“Bitcoin’s all time longest winning streak has just ended,” Edwards remarked on X. “427 days without a 25% drawdown. Beat the 2012 record by 63 days. Pretty incredible run we’ve had and well overdue for a correction.”

Source: Capriole Investments founder Charles Edwards via X.

The 2017 bitcoin bull run experienced around seven significant corrections, while the 2021 cycle had roughly five downturns. While the 2021 bull run differed from that of 2017, the current cycle also has unique characteristics.

As the dust settles on bitcoin’s recent price fluctuation, the digital currency community remains vigilant for potential entry opportunities amidst ongoing corrections. On the other hand, with the distinction of panic and fear in the air, some bulls are now viewing bitcoin’s future value with cautious optimism.

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