Contrary To Popular Belief, This Is Not The Worst Bitcoin Crash In History - Here’s The List | Bitcoinist.com

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure Swan’s CEO Cory Klippsten has highlighted past Bitcoin crashes, proving that this latest crash isn’t the worst in BTC’s history. This comes as the leading crypto looks to recover, although experts warn that the crash may not be over yet

Crypto CEO Shares List Of Worst Bitcoin Crashes Ever

In an X post, the Swan CEO described the Bitcoin crash from its current all-time high (ATH) of $126,000 to $60,000 as the 9th-largest in its history. He shared a list of all the major crashes that the leading crypto has suffered since its inception. The largest crash was in 2011, when BTC dropped from a peak of $32 to $2, representing a 94% drawdown

Related Reading: Bitcoin Set To Test Resistance At $80,600 After Bottoming At $74,000The second-largest Bitcoin crash occurred between 2013 and 2015, when BTC fell 87% from a peak of $1,160 to a low of $152. The leading crypto suffered its third-largest crash between 2017 and 2018 when it dropped from $19,600 to $3,100, representing an 84% crash. The crash from $260 to $45 in 2013 and from $69,000 to $15,500 complete the top five largest crashes in Bitcoin’s history

Source: Chart from Cory Klippsten on XThe Bitcoin crash from a peak of $126,000 to a low of $60,000 represents a 52% drawdown, which is why it ranks as the 9th-largest crash, just below the crash from $64,800 to $28,800 and above the crash from $850 to $420. However, based on predictions from experts such as veteran trader Peter Brandt, this recent sell-off may not yet be over. Brandt predicted that BTC could still drop to as low as $42,000, which could mark the bottom based on past bear cycles

Analyst Highlights Capitulation Candle on Bitcoin

Crypto analyst Michaël van de Poppe stated in an X post that the weekly BTC chart shows that the market has just witnessed the capitulation candle following the latest Bitcoin crash. He warned that this doesn’t mean that BTC can’t consolidate here and then test some lower levels. The analyst added that holding above the 2021 ATH of $69,000 is key, and that the capitulation candle indicates buying pressure that likely contributed to the rebound above $70,000

Related Reading: Forget A Bitcoin Yearly Top, BTC Price Might Have Hit A 16-Year Cyclical PeakMichaël Van De Poppe also mentioned that the reversal for Bitcoin might not be quick, but given the sudden upside bounce, he believes the range between $65,000 and $70,000 is the bottom area for the coming weeks. As such, the analyst is confident that a BTC rally to as high as $85,000 is definitely on the cards. He also remarked that the leading crypto is closer to the bottom than the top

At the time of writing, the Bitcoin price is trading at around $71,000, up over 2% in the last 24 hours, according to data from CoinMarketCap.

BTC trading at $70,202 on the 1D chart | Source: BTCUSDT on Tradingview.comFeatured image from Pixabay, chart from Tradingview.com Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.