Bitcoin has either already bottomed or this is the start of a 30% correction
After trading above $58k for a bit yesterday (Sunday), bitcoin took one on the chin today, falling as low as $48k briefly before bouncing.
Currently, it's trading around $53k.
The question on everyone's mind is likely whether that was it or whether this is the start of a larger correction, something more in the range of a 30% draw down like we've seen in the past.
Back in the 2016-2017 post halving bull market bitcoin saw 6 corrections of roughly 30%:
So far, during this cycle we've seen 2 thus far.
We saw one back in early September of last year that took the price down almost 30%, and then we saw another one in January that took the price down by about 30% as well.
If history were to repeat, we still have 4 more of these large 30% draw downs before we ultimately peak during this cycle.
Will that play out again?
I don't actually think we are going to see 6 pullbacks of roughly 30% during this cycle, though we certainly could.
With the amount of institutional involvement this time around, I think we will see a couple less as they help to stabilize the price on sell offs.
However, based on past data, there is a decent chance the current dip ends up being a 30% pullback.
We had the 100%+ move up from the lows after the last pullback like we normally see, which took the price from $29k to $58k.
I personally don't think it will go all the way down 30% and I think the lows are already in at $48k as there is strong support there like I mentioned here:
@jrcornel/the-total-btc-supply-on-exchanges-continues-to-fall-and-usd48k-becomes-the-new-usd35k
That being said, it certainly could, and history suggests that it just might be one of those.
In conclusion, history says that this probably turns into a 30% correction, however, 
Who is going to win, history or
Normally I stick with historical patterns, but this time may be different, dangerous words I know.
Stay informed my friends.
-Doc