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In this article, we will take a look at previous tops for Bitcoin (BTC) and analyze the length of time it took for them to form.
In 2011, 2013 and 2017, the price hovered around the top area for 1-4 days. Going contrary to this, BTC has been close to the current all-time at least for nine days, and for as long as 58 depending on the parameters for measuring.
2011 BTC top
We will consider that the price is close to the top region as long as it is at most 10% below it.
The 2011 top lasted for less than 3 days. BTC reached a high of $31.9 on June 8. It continued trading at the same level the next day, before falling sharply on June 10. This was the beginning of a long corrective period.
Therefore, it fits the bill as a textbook blow-off top, marking the end of the preceding bullish trend and initiating a long corrective period.
2013 BTC top
There were two tops in 2013. The first was made on April 11 at $268.67 and lasted for one day only. A sharp decrease followed the next day and the high was not broken for more than five months.
The second BTC top was made at $1,177 on Nov. 30. While it dropped the next day, it revisited the highs once more on Dec. 4.
Therefore, it lasted for four days. Afterwards, a very significant corrective period ensued.
Both these tops fit the bill as textbook blow-off tops.
2017 – now
The 2017 BTC top was made on Dec. 17 at $19,764. The top lasted for three days; one prior and one after Dec. 17. On Dec. 19, a sharp downward movement followed, beginning a very long corrective period.
When using the 10% threshold, the 2021 top is unlike the other four preceding it.
The current all-time high was made on April 14 at $64,840. It lasted for nine total days, six preceding and three following it. However, it lasted for nine days when measuring successive days only.
BTC hovered around the 10% area for a period of 58 days, from March 14 to May 10. While there were several deviations below this range, the price eventually returned inside it. Even the Feb. high was only 11% below the current all-time high.
Therefore, due to the length of time which BTC traded close to its all-time high, it does not look like a blow-off top.
