Bitcoin is being hurriedly accumulated off exchanges as a frenzy of whales is taking place. Large amounts of Bitcoin are being drawn from exchanges, demand is high, and your chance to accumulate Bitcoin under $40,000 is running out because there is a good chance that Bitcoin will double in price in the next two months.
Looking at historical data on Bitcoin market corrections, in 2017, during the bull run, we had multiple occasions where Bitcoin underwent massive corrections. We had six corrections of about 30% or more during the 2017 bull run. Two of those corrections were relatively short-lived, only about two weeks, but four of them lasted five to seven weeks. The average price gain after the consolidation period ended was around 100%.
Where are we now in the current bull run, and how does our historical data stack up versus what we see happening now? The first thing we need to point out is that this is our first 30% plus bull market correction; in 2017, there were six major 30% corrections or more. This is the first major bull market correction.
This is a hypothetical representation of where the price of Bitcoin could go during this bull run based on the 2017 trends. This chart shows what the 2021s bull run could look like if it had a similar run to what we saw in 2017. The red dot on this chart is the equivalent of where we are now. This chart indeed gives you some food for thought of where we could be going, and there will be multiple corrections along the way. A six-digit Bitcoin is going to happen, and it's going to happen soon.
The demand has never been higher for Bitcoin, and the supply has never been scarcer. At the Micheal Saylor Bitcoin conference, 1,400 institutions attended that event; the effect may have been immediate because, just today, we have seen withdrawals of massive amounts of Bitcoin from Coinbase. A lot of Bitcoin has been bought and moved out of Coinbase by Whales. There is a strong possibility that this is institutional buy-ins as Coinbase has become the preferred place for corporations to be buying Bitcoin. That is half a billion dollars worth of Bitcoin purchased and moved off the exchanges into cold storage during one twelve-hour period just today. We are probably going to see another billion-dollar purchase by institutions over the next week.
