Bitcoin (BTC) may accept dipped 28% in recent days but analysts take already put the scale of the losses firmly in context.

As noted on January.12 by Nathaniel Whittemore, host of The Breakdown Podcast, the period between 2016 and 2017 alone saw a grand total of six corrections that were larger than this week's drawdown.

BTC price correction bows to 2017

2017 is famous amid market participants as being a record-breaking year for toll action. In addition to i,000% annual gains, Bitcoin saw multiple hurdles as it climbed to then all-fourth dimension highs of near $20,000.

"Fun fact: #bitcoin had 6 pullbacks bigger than our recent -28% in the record setting 1000%+ growth twelvemonth of 2017," Whittemore commented, citing a chart with information from Travis Kling, CEO of crypto asset manager Ikigai.

BTC/USD corrections during 2016 and 2017. Source: Nathaniel Whittemore/ Twitter

Equally BTC/USD savage from fresh record highs of $42,000 to merely above $30,000, familiar criticism of Bitcoin's volatility from mainstream fiscal sources and other critics returned. A subsequent rebound to $36,700, itself record-breaking in speed, in turn attracted claims of market manipulation.

Business as usual for hodlers

For long-term investors, however, the events are nothing new, echoing as they practise the surface-level behavior seen during other bull runs.

"During the previous cycles, the #Bitcoin drawdowns in the 20% to 40% range accept taken anywhere from a day to a fiddling over a month to find a bottom," on-chain analytics service Ecoinometrics summarized with comparative charts of its own on Monday.

"If you were waiting for the dip then information technology is the occasion to accumulate while you can."
Bitcoin price drawdown comparative data. Source: Ecoinometrics/ Twitter

Ecoinometrics however noted that historically, merely effectually 15% of Bitcoin'south total toll corrections have surpassed the fall from $42,000.

Pop industry figures meanwhile reiterated that lower toll levels amounted to little more than than a buying opportunity for zealous investors.

"It's hard to believe Bitcoin is up x% year to date for 2021 this morning time at $32,000. But that'south how this works. If you can't handle the crazy volatility, then manage that concern with your position size. I'k treating this forenoon's move every bit a big buying opportunity," Preston Pysh, co-founder of The Investor'due south Podcast Network commented.