Bitcoin May Stage Third Powerful Rebound After Significant Correction
Crypto analyst Rekt Fencer has been comparing the performance of Bitcoin to that of the Nasdaq index, pointing out some striking similarities. According to him, in both 2018 and 2022, Bitcoin experienced significant drawdowns of approximately 85% and 80%, respectively. In contrast, the maximum drawdown for this current cycle is around 54%. This comparison has led Rekt Fencer to believe that we may be entering a similar phase to those previous corrections.
He noted that following both major corrections in the past, Bitcoin rapidly rallied, suggesting that the market could stage a third powerful rebound after a significant correction. While this prediction is based on historical patterns and not a guarantee of future performance, it's an intriguing observation from Rekt Fencer.