According to Ecoinometrics – an analysis provider company – suggested that the existing downward twist in Bitcoin’s economy is the longest and harshest drawdown that Bitcoin had ever faced. While Julio Moreno, an acclaimed economist and analyst of crypto suggested that every Bitcoiner they have to realize that volatility is their friend and not an enemy.
The present time seems to be the worst time ever for the leading crypto asset, Bitcoin. In the recent past, Bitcoin managed to get the historical best value against each unit when it was sold for over US$ 64,000. But currently, Bitcoin has been undergoing the longest and harshest drawdown phase which it has never ever seen before. As per today’s exchange rates, Bitcoin value is US$ 31,389 and for the past whole month, it has been stuck up in the US$ 30K value threshold.
People argue that there was a time when Bitcoin had good days and bad days as well. However, the bad days never lasted longer than the present time and most of the times Bitcoin rebounded quickly. Yet, the same people are still wondering why it is taking so long for Bitcoin to rebound. The truth is, no one really knows when this rebound will take effect. But there are people, not ordinary but economists and analytics, comparing Bitcoin’s 2013’s drawdown with the present one.
Currently, there are two independent reports published in the crypto market by acclaimed analytics. One such report belongs to the Ecoinometrics, which revealed the very fact that Bitcoin’s present dip is the harshest of them all. The analytical entity also claimed that the circumstances of the present dip are exactly the same as they appeared in the year 2013 earlier.
The analytical firm also pointed out that it has been over 95 days now that Bitcoin is struggling at the 30K threshold. However, in 2013, it took roughly 190 days for Bitcoin to come out of the crisis and rebound. So, according to analysts, Bitcoin is still in the midway as compared to the 2013 crisis. The firm said that for the time being Bitcoin will continue to struggle with the threshold for further time. After that, Bitcoin will itself make the correction and undergo a rebound process, claimed Ecoinometrics.
In its report, Ecoinometrics also said that for a Bitcoiner considering volatility as a foe is a wrong observation. In fact, they need to regard volatility as a friend, advised Ecoinometrics.
One of the acclaimed economists and analysts, Julio Moreno too had a thorough reading of the Ecoinometrics’s report. Moreno too agreed that the assessment of Bitcoin’s volatility by Ecoinometrics is accurate. He also denied that there are people who want to discredit the legendary crypto on the basis of its volatility. He was of the view that volatility is in fact a good thing and not something bad as claimed by others.