Famous on-chain analyst Charles Edwards has revealed the level to which Bitcoin could fall if the correction continues.
While the cryptocurrency market has been turbulent for about 1 week, analyst Charles Edwards made a statement on the subject.
Experienced names pointed out that the corrections seen during bull runs historically were limited to %30 drops and adapted this data to today.
Indicating that we are currently experiencing a %15 correction and have dropped to the band of 60,900 dollars, he stated that if the correction reaches %30, 51 thousand dollars level might be seen.
The analyst implied that a decrease at this rate is acceptable and that everyone needs to make preparations:
A normal Bitcoin bull run withdrawal is %30. In December, we were already experiencing the longest winning streak in Bitcoin history. A %20 withdrawal will take us to 59 thousand dollars. A %30 withdrawal will be 51 thousand dollars. All of these are levels that we should comfortably wait for as a probability.
