Benzinga | Jul 18, 2021 12:55PM EDT

Bitcoin Sees Bull Market Drawdown, BTC Price May Stay At $30K "For A While": Report



* According to a report by Cointelegraph, the price of Bitcoin (CRYPTO: BTC) has been falling since May. Its value has shrunk by half since its April peak of $63,745.

* Analytics service Ecoinometrics, in its recent tweet, has said that this year's correction from its all-time highs is the second-longest in the bull market history. So bitcoin price may stay in the range of $30,000 for a while.

* In May, the price of bitcoin plummeted after Tesla Inc (NASDAQ:TSLA) owner Elon Musk said that Tesla would no longer be accepting cryptocurrency payments.

* On June 22, Bitcoin plunged 10% after the Chinese government implemented sanctions on trading and mining the Bitcoin.

* According to the Ecoinometrics, 2013 saw 197 days between two all-time highs and Bitcoin can still go sideways for months.

* "This is one of the longest drawdowns Bitcoin has had to deal with during a post-halving bull market," says Ecoinometrics.

* The Cointelegraph reports that the Bitcoin price could go up if the $30,000 accumulation 'reset' continues.

* In a tweet, Statistician Willy Woo has said, "It's retail that drives Bitcoin bull markets. When they stop buying, that's a bear market warning. They haven't stopped buying,"