Bitcoin has seen a significant correction recently and this had some investors freaking out. But others knew that it was time to buy the dip and that is exactly what they did.
Veteran trader Peter Brandt said that the current Bitcoin correction that took the king coin from an all-time high of $64,863 down to $52,829 as mild.
In a new tweet, he’s looking at the history of BTC corrections during the 2015-2017 bull market and the current boom cycle.
“[A] drawdown in Bitcoin of 20.0% to date is very mild historically. There is a strong history of BTC bull trends to test the 18-week moving average (currently at $46,615). I personally doubt such a retest will occur, but Bitcoin has a history of pulling surprises.”
Check out the figures below:
Bitcoin adoption is only beginning
In other recent news, the legendary billionaire and philanthropist Bill Miller says that Bitcoin is still in the early hours of a long adoption cycle.
In an interview at the Texas A&M Bitcoin Conference, he explained how Bitcoin is solving some older issues that have been plaguing the financial system.
“The problem it solves is how do you safeguard a portion of your assets from the vagaries of the financial system an especially a system which is monopolized by governments and those monopolies have a way of behaving in ways that are in their own personal interest and not necessarily…in the interest of the citizens.”
More than that, Miller sees Bitcoin’s unique scarcity as something that could propel the king coin to exponential heights.
“It’s the only economic unit that I’m aware of that is both infinitely divisible and instantly transportable, where the supply is completely separate from the demand. No matter what the demand is for Bitcoin the supply is 21 million. There’s an estimated 47 million millionaires in the world and so if each millionaire wanted one Bitcoin he or she couldn’t have it. They’d have to settle for something less.”