BTC - Yesterday's drop was scary, but nothing out of the ordinary for Bitcoin

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Don't let yesterday's drop fool you into thinking it was something bigger than it was...

Things had been chugging along nicely for bitcoin so far this year.

Up close to 40% year to day and showing very little signs of rolling over.

That was until yesterday when bitcoin literally fell out of bed.

It dropped over $1,000 in less than a hour...

Something we have only seen a few other times, ever:

(Source: https://twitter.com/yassineARK/status/1230267176747229188)

In fact, yesterday's drop marked the 5th largest dollar drop ever for bitcoin.

The only other time we saw a larger price drop in the same amount of time was back in December 2017 near bitcoin's peak.

This is bad news then right?

Well, not exactly.

Yes, this was a large dollar move, but in percentage terms, not so much.

It was the second largest dollar drop since the highs seen back in late 2017, but it was much further down that list in terms of percentage...

We saw a 9.1% drop in an hour, which is the 122nd largest hourly drop ever:

(Source: https://twitter.com/yassineARK/status/1230275493406048257)

Large yes, but not earth shattering.

In April 2013 alone, we saw bitcoin drop by more than 9% over 20 different times!

It's all about the percentages folks, and this one was big, but not earth shattering.

Bitcoin likely consolidates a bit here before the pre-halving run up begins again.

Stay informed my friends.

-Doc



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7 comments
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Nothing new for BTC, it is another buy opportunity for some. @jrcornel

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I think in a few days here there will be a good spot to pick up some BTC.

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Sorry to see a lot of newbies in btc for the first time this year soil themselves and panic sell. But how else you gonna learn.

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Experience often is the best teacher, and the largest losses often teach the most.

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BTC's price has always been volatile since its inception after the financial crisis in 2008. This is the norm and there is nothing to worry about it.

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