# Routine corrections

*Analyzing the most common corrections during the Bitcoin Bull Cycles of 2013, 2017, and 2021*

By [48 Hours From Monday](https://paragraph.com/@48hrs) · 2025-03-11

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_Please note: this article was partially generated with OpenAI's Deep Research_

Bitcoin’s price history is marked by **explosive bull markets** punctuated with steep corrections. In the major bull cycles ending in **2013**, **2017**, and **2021**, Bitcoin saw multiple **30–40% pullbacks** even as it climbed to new all-time highs. This report analyzes each of these three historical bull cycles, documenting the significant corrections (roughly 30–40% declines), their depth and duration, and how quickly prices recovered. We also summarize the **overall gains** from each cycle’s starting point to its ultimate peak.

2013 Bull Market Cycle
----------------------

**Overview:** The 2013 bull run was _extremely rapid and volatile_. Bitcoin started around **$13** in January 2013 and soared to nearly **$1,150** by early December ([What Was the Price of Bitcoin in 2013? Bitcoin's Journey](https://plasbit.com/crypto-basic/what-was-the-price-of-bitcoin-in-2013#:~:text=Overall%2C%20Bitcoin%27s%20price%20dynamics%20in,eventually%20reaching%20%241%2C150%20in%20December)). This was an **~8,500%** price increase from the start of the year to the peak. (If measured from the prior cycle’s bottom around $2 in late 2011, the rise was even more astounding – over **50,000%**.) The year saw **two phases**: an early surge and crash in April, followed by a dramatic rally in late 2013. Despite its uptrend, the cycle had notable corrections, including a mid-year crash and two sizable pullbacks of ~30–40% during the final rally ([Bitcoin latest bull market experienced several 30% plunges, will history repeat itself? - Forex Crunch](https://www.forexcrunch.com/blog/2020/11/19/bitcoin-latest-bull-market-experienced-several-30-plunges-will-history-repeat-itself/#:~:text=As%20FXstreet%20previously%20pointed%20out%2C,40%25%20corrections)).

**Major Corrections in 2013:** Bitcoin’s volatile climb in 2013 included several steep drops:

*   **April 2013 Crash (Intracycle “Bear”):** After spiking to about **$266** in April, Bitcoin plunged almost **83%** to around **$50** ([What Was the Price of Bitcoin in 2013? Bitcoin's Journey](https://plasbit.com/crypto-basic/what-was-the-price-of-bitcoin-in-2013#:~:text=Overall%2C%20Bitcoin%27s%20price%20dynamics%20in,eventually%20reaching%20%241%2C150%20in%20December)). This collapse was far deeper than a typical 30–40% correction. It took **roughly 7 months** for BTC to fully regain the April high – the price traded in the $70–$130 range through summer 2013 ([What Was the Price of Bitcoin in 2013? Bitcoin's Journey](https://plasbit.com/crypto-basic/what-was-the-price-of-bitcoin-in-2013#:~:text=the%20price%20of%20Bitcoin%20in,eventually%20reaching%20%241%2C150%20in%20December)), and only surpassed the $266 level in early November. (This was an unusually severe mid-cycle crash, after which the bull market resumed.)
    
*   **Late November 2013 Correction:** As Bitcoin neared $1,000 for the first time, it fell roughly **33%**, dropping from about **$900** down to the **$600**–$650 range ([Bitcoin latest bull market experienced several 30% plunges, will history repeat itself? - Forex Crunch](https://www.forexcrunch.com/blog/2020/11/19/bitcoin-latest-bull-market-experienced-several-30-plunges-will-history-repeat-itself/#:~:text=As%20FXstreet%20previously%20pointed%20out%2C,40%25%20corrections)). This pullback lasted only on the order of _days_, as **buying demand quickly returned** – within about **one week**, BTC recovered and surpassed its $900 peak, accelerating into a climactic rally.
    
*   **Early December 2013 Correction:** After hitting its cycle peak around **$1,150**, Bitcoin swiftly fell to approximately **$700** (a **39%** decline) ([Bitcoin latest bull market experienced several 30% plunges, will history repeat itself? - Forex Crunch](https://www.forexcrunch.com/blog/2020/11/19/bitcoin-latest-bull-market-experienced-several-30-plunges-will-history-repeat-itself/#:~:text=As%20FXstreet%20previously%20pointed%20out%2C,40%25%20corrections)). This drop was triggered by adverse news (such as new restrictions in China) and effectively **marked the cycle’s end**. Bitcoin _did not return to the $1,150 level during that bull run_. (The price rebounded to the $800s later in December, but a larger bear market followed in 2014.)
    

Table 1 summarizes the notable 2013 bull-cycle corrections in the ~30–40% range:

**Correction (2013)**

**Pre-Correction Price**

**Low Price During Drop**

**Decline**

**Approx. Recovery Time**

Apr 2013 crash _(outlier)_

~$266 (Apr 10, 2013)

~$50 (Apr 12, 2013)

**–83%**

~7 months (high not regained until Nov 2013)

Nov 2013 pullback

~$900 (Nov 18, 2013)

~$600 (late Nov 2013)

**–33%**

~10 days (recovered to new highs by late Nov)

Dec 2013 pullback _(peak)_

~$1,150 (Nov 30, 2013)

~$700 (Dec 2013)

**–39%**

_N/A_ – no full recovery during cycle (bull cycle peaked)

**Recovery and Subsequent Trend:** The **April 2013 crash** was a major setback, but the market **eventually recovered**, setting the stage for the second-half rally. After consolidating through mid-2013, Bitcoin entered an accelerated uptrend in Q4 2013. The late-year corrections (around 30–40%) were _quickly absorbed_, and Bitcoin **resumed its uptrend within days** after each dip, until the final peak. From the post-April low around $50, BTC ultimately **ran up to $1,150** by year’s end ([What Was the Price of Bitcoin in 2013? Bitcoin's Journey](https://plasbit.com/crypto-basic/what-was-the-price-of-bitcoin-in-2013#:~:text=the%20price%20of%20Bitcoin%20in,eventually%20reaching%20%241%2C150%20in%20December)) – a testament to the cycle’s strength despite interim scares. Overall, the **2013 bull cycle** delivered enormous returns (multiplying Bitcoin’s price roughly 85-fold from the cycle start to peak) while demonstrating that sharp corrections were “healthy” pauses in an otherwise parabolic rise.

2017 Bull Market Cycle
----------------------

**Overview:** The bull cycle culminating in **December 2017** took Bitcoin from the low hundreds to just under **$20,000**. After a bear-market bottom around ~$150 in January 2015, BTC began rising and entered a strong uptrend by **2016**. From roughly **$1,000** in January 2017, Bitcoin rocketed to nearly **$20K** by mid-December 2017 ([Bitcoin's Price History](https://www.investopedia.com/articles/forex/121815/bitcoins-price-history.asp#:~:text=Prices%20slowly%20climbed%20through%202016,16)) – an approximate **1,900%** increase within that year (or about **12,000%** from the 2015 cycle bottom of ~$152 to the peak) ([Bitcoin latest bull market experienced several 30% plunges, will history repeat itself? - Forex Crunch](https://www.forexcrunch.com/blog/2020/11/19/bitcoin-latest-bull-market-experienced-several-30-plunges-will-history-repeat-itself/#:~:text=As%20the%20chart%20below%C2%A0shows%2C%20BTC,peal%20to%20bottom%20of%2037)). The 2016–2017 run was marked by **multiple corrections in the 30–40% range**, which occurred at **regular intervals** before the final blow-off top. In fact, the 2015–2017 bull market saw _at least 8–9 major pullbacks_ averaging ~37% declines ([Bitcoin latest bull market experienced several 30% plunges, will history repeat itself? - Forex Crunch](https://www.forexcrunch.com/blog/2020/11/19/bitcoin-latest-bull-market-experienced-several-30-plunges-will-history-repeat-itself/#:~:text=As%20the%20chart%20below%C2%A0shows%2C%20BTC,peal%20to%20bottom%20of%2037)). Notably, **none** of those mid-bull declines ended the uptrend – Bitcoin consistently recovered and pushed to _higher highs_ afterward.

**Major Corrections in 2016–2017:** During this cycle, Bitcoin experienced a series of steep but temporary drawdowns. The most prominent corrections (≈30–40% drops) were:

*   **June 2016 (~38%):** In mid-2016, BTC rallied close to $780 ahead of the halving, then corrected about **38%** down to the low-$500s (even briefly ~$465) by August ([Bitcoin Historical Corrections](https://www.bitrawr.com/terminal/historical-corrections#:~:text=,12%20Feb%208%2C%202021%2031)). This decline unfolded over several weeks, influenced by profit-taking and events like exchange hacks. Recovery was gradual – it took around **5 months** (until late 2016) for Bitcoin to regain the $780 high ([Bitcoin Historical Corrections](https://www.bitrawr.com/terminal/historical-corrections#:~:text=,12%20Feb%208%2C%202021%2031)), after which the uptrend resumed into 2017.
    
*   **January 2017 (~35%):** Bitcoin surged past its previous ATH (~$1,150 from 2013) in early January 2017, then dropped from about **$1,150 to $750** (approximately **–35%** at the worst) ([Bitcoin Historical Corrections](https://www.bitrawr.com/terminal/historical-corrections#:~:text=,122%20Dec%202%2C%202016%20169)). This pullback was driven by concerns over Chinese regulations and exchange crackdowns. The correction was sharp but short-lived – within roughly **6–7 weeks**, BTC recovered back above $1,150 (by late February 2017) ([Bitcoin Historical Corrections](https://www.bitrawr.com/terminal/historical-corrections#:~:text=,122%20Dec%202%2C%202016%20169)), confirming the bull market was intact.
    
*   **March 2017 (~30%):** Soon after, Bitcoin hit ~$1,290 in March and then retraced to around $900 (a **30%** dip) amid the SEC’s denial of the Winklevoss ETF. This decline lasted only a few weeks; by April, BTC was rallying again and broke above $1,300 to new highs ([Bitcoin Historical Corrections](https://www.bitrawr.com/terminal/historical-corrections#:~:text=,12%20Feb%208%2C%202021%2031)). _(This particular drop was just under 30% by some measures – about –27% (_[_Bitcoin Historical Corrections_](https://www.bitrawr.com/terminal/historical-corrections#:~:text=,12%20Feb%208%2C%202021%2031)_) – but is often cited as a significant 2017 pullback.)_
    
*   **June 2017 (~33–38%):** Following a meteoric rise to ~$3,000 in June, Bitcoin corrected hard in June–July. It fell roughly **33–38%**, bottoming around **$1,850** by mid-July ([Bitcoin Historical Corrections](https://www.bitrawr.com/terminal/historical-corrections#:~:text=,43%20Feb%2023%2C%202017%2050)). This downturn spanned about one month, fueled by profit-taking and uncertainty around a possible chain split (Bitcoin’s fork debates). The market then rebounded – by early August (within ~6 weeks of the peak), BTC had **fully recovered** past $3,000 ([Bitcoin Historical Corrections](https://www.bitrawr.com/terminal/historical-corrections#:~:text=,43%20Feb%2023%2C%202017%2050)) and continued climbing.
    
*   **September 2017 (40%):** In early September, Bitcoin broke $5,000 for the first time, then swiftly dropped to about **$3,000** in mid-September ([Bitcoin Historical Corrections](https://www.bitrawr.com/terminal/historical-corrections#:~:text=,43%20Feb%2023%2C%202017%2050)) – a **40% plunge** over roughly two weeks. This was sparked by negative news (China’s ban on crypto exchanges and ICOs, and bearish comments from JPMorgan). Importantly, this _became the largest mid-bull drop of that cycle_ (about –40%) ([Bitcoin's history of bull market drawdowns - Blockworks](https://blockworks.co/news/bitcoin-bull-market-drawdowns#:~:text=involved%20no%20drawdowns%20of%20that,size)). Nonetheless, Bitcoin proved resilient: within approximately **4 weeks**, it regained the $5,000 level (by early October) ([Bitcoin Historical Corrections](https://www.bitrawr.com/terminal/historical-corrections#:~:text=,43%20Feb%2023%2C%202017%2050)) and then entered the final leg of the bull run.
    
*   **November 2017 (~30%):** As Bitcoin rushed from ~$5K to ~$8K in late fall, it saw another steep pullback in November. Around Nov 8–12, BTC fell from roughly **$7,500 down to $5,500** (around **–26%** intraday, 30% from wick to wick) amid the cancellation of the SegWit2x fork and a temporary rotation into altcoins. This dip was very brief – Bitcoin recovered to new highs ($8K+) within a couple of weeks in November.
    

_(_**_Note:_** _There was also a final_ **_December 2017_** _drop of about 45% just after the peak – BTC fell from ~$19,800 to ~$11,000 in late December (_[_Charting 2017's Biggest Crypto Price Correction_](https://www.coindesk.com/markets/2017/12/22/charting-2017s-biggest-crypto-price-correction#:~:text=While%20theories%20abound%2C%20the%20data,percent%20over%20the%20day%27s%20trading)_). However, that occurred after the cycle’s peak and_ **_led into the 2018 bear market_**_, so it’s not counted as a mid-bull correction with a recovery in that same cycle.)_

Table 2 summarizes **key 2016–2017 corrections** of ~30–40%:

**Correction (2016–2017)**

**Pre-Correction Peak**

**Trough Price**

**Decline**

**Time to Recovery**

Jun–Aug 2016 (Halving dip)

~$780 (Jun 2016)

~$480 (Aug 2016)

**–38%**

~5 months (recovered by Dec 2016) ([Bitcoin Historical Corrections](https://www.bitrawr.com/terminal/historical-corrections#:~:text=,12%20Feb%208%2C%202021%2031))

Jan 2017 (China news)

~$1,150 (Jan 5, 2017)

~$750 (Jan 11, 2017)

**–35%**

~6–7 weeks (recovered by late Feb 2017) ([Bitcoin Historical Corrections](https://www.bitrawr.com/terminal/historical-corrections#:~:text=,122%20Dec%202%2C%202016%20169))

Mar 2017 (ETF rejection)

~$1,290 (Mar 4, 2017)

~$890 (Mar 24, 2017)

**–31%**

~4 weeks (recovered by Apr 2017) ([Bitcoin Historical Corrections](https://www.bitrawr.com/terminal/historical-corrections#:~:text=,12%20Feb%208%2C%202021%2031))

June–July 2017 (profit-taking)

~$3,000 (Jun 12, 2017)

~$1,850 (Jul 16, 2017)

**–38%**

~6–7 weeks (recovered by early Aug 2017) ([Bitcoin Historical Corrections](https://www.bitrawr.com/terminal/historical-corrections#:~:text=,43%20Feb%2023%2C%202017%2050))

Sept 2017 (China ban)

~$5,000 (Sep 2, 2017)

~$3,000 (Sep 14, 2017)

**–40%**

~4 weeks (recovered by early Oct 2017) ([Bitcoin Historical Corrections](https://www.bitrawr.com/terminal/historical-corrections#:~:text=,43%20Feb%2023%2C%202017%2050))

Nov 2017 (market rotation)

~$7,500 (Nov 8, 2017)

~$5,500 (Nov 12, 2017)

**–27%**

~2 weeks (recovered by late Nov 2017)

**Recovery and Trend:** Each of these corrections in 2016–2017 was _followed by a robust recovery_. During the 2017 bull run, **Bitcoin never stayed down for long**. For example, after the 40% September drop, BTC hit a new high above $5K by October ([Bitcoin Historical Corrections](https://www.bitrawr.com/terminal/historical-corrections#:~:text=,43%20Feb%2023%2C%202017%2050)). Similarly, the June–July drawdown gave way to new highs by August. **Bullish momentum persisted** despite occasional panics. Analysts note that the 2017 cycle had **at least five or six 30%+ pullbacks** on the road to $20K ([Bitcoin Supercycle or nah? – Stephan Livera](https://stephanlivera.com/bitcoin-supercycle-or-nah/#:~:text=Recall%20that%20the%202017%20cycle,cycle%20around%20%243k%20December%202018)) ([Bitcoin Supercycle or nah? – Stephan Livera](https://stephanlivera.com/bitcoin-supercycle-or-nah/#:~:text=Image%3A%20r%2FCryptoCurrency%20,doing%20really%20well%20in%202021)). In each case, the correction was a temporary “reset” that allowed the rally to continue higher. By the end of 2017, Bitcoin reached ~**$19,700**, delivering an enormous overall gain (nearly **20×** from the $1,000 level in Jan 2017 to the peak ([Bitcoin's Price History](https://www.investopedia.com/articles/forex/121815/bitcoins-price-history.asp#:~:text=Prices%20slowly%20climbed%20through%202016,16))). From the true cycle start ($150 in 2015) to the top, BTC rose roughly **12,000%** ([Bitcoin latest bull market experienced several 30% plunges, will history repeat itself? - Forex Crunch](https://www.forexcrunch.com/blog/2020/11/19/bitcoin-latest-bull-market-experienced-several-30-plunges-will-history-repeat-itself/#:~:text=As%20the%20chart%20below%C2%A0shows%2C%20BTC,peal%20to%20bottom%20of%2037)).

The key takeaway from 2017’s bull cycle is that **multiple 30–40% plunges** were part of the journey to new highs. Bitcoin’s price _recovered within weeks or months_ each time, ultimately culminating in a speculative blow-off top. This history gave investors perspective in later runs – a 30% dip, by itself, did _not_ signify the end of the bull market.

2021 Bull Market Cycle
----------------------

**Overview:** The most recent major bull cycle peaked in **November 2021**. Bitcoin’s cycle low in the prior bear market was around **$3,200** (in December 2018). From that trough, BTC climbed to an all-time high of **$68,700** (on Nov 10, 2021) – a gain of roughly **2,000%** over three years. Focusing on the intense rally of _late 2020–2021_, Bitcoin rose from about **$10,000** in September 2020 (around the time it broke out of a long consolidation) to nearly **$69,000** by late 2021. This cycle’s profile was a bit different: it featured **fewer mid-cycle corrections in the 30–40% range**, but did include one **much larger** pullback (~50%). By historical standards, the 2020–21 bull run was _smoother_ initially (with smaller dips), until a hefty mid-cycle crash occurred. We will examine the notable corrections and their aftermath below.

**Major Corrections in 2020–2021:**

*   **January 2021 (~30%):** After a rapid climb to ~$42,000 in early January 2021, Bitcoin underwent its first significant correction of the cycle. The price fell to about **$29,000** in late January ([Bitcoin’s Price Rebounds After 30% Drop From All-Time High - Decrypt](https://decrypt.co/55691/bitcoins-price-rebounds-after-30-drop-from-all-time-high#:~:text=,time%20high%20of%20%2442%2C000)) – roughly a **30% decline** from the high. This pullback lasted only a couple of weeks. By early February, Bitcoin had **rebounded above $40,000** ([Bitcoin’s Price Rebounds After 30% Drop From All-Time High - Decrypt](https://decrypt.co/55691/bitcoins-price-rebounds-after-30-drop-from-all-time-high#:~:text=Discover%20SCENE)), fully recovering the loss. (This quick recovery reinforced the bullish sentiment at the time.)
    
*   **May–July 2021 (~50% crash):** The most severe correction of the 2021 cycle came mid-year. After peaking around **$64,800** in April 2021 ([History of bitcoin - Wikipedia](https://en.wikipedia.org/wiki/History_of_bitcoin#:~:text=History%20of%20bitcoin%20,has%20sold%20or%20will)), BTC dropped all the way down to the **low $30,000s** by May 19, 2021. In fact, on May 19 alone, Bitcoin plunged nearly **30% intraday** (hitting around $30K) during a capitulation event ([Bitcoin (BTC) price plunges to $30,000, hits lowest level since January](https://www.cnbc.com/2021/05/19/bitcoin-btc-price-plunges-but-bottom-could-be-near-.html#:~:text=Bitcoin%20,that%20began%20a%20week%20ago)). In total, the drawdown from April to the eventual July low (~$29K on July 20) was approximately **–54%** ([Bitcoin Historical Corrections](https://www.bitrawr.com/terminal/historical-corrections#:~:text=,12%20Feb%208%2C%202021%2031)). This correction was driven by a convergence of factors: Tesla’s bitcoin U-turn, China’s mining crackdown, and an overheated market. It took Bitcoin a while to recover – the price _base-lined and consolidated_ in the $30K–$40K range for a few months. By late July 2021 the sell-off had stabilized ([Bitcoin's history of bull market drawdowns - Blockworks](https://blockworks.co/news/bitcoin-bull-market-drawdowns#:~:text=The%20other%20big%20drawdowns%20occurred,over%20the%20next%20four%20months)), and a renewed rally began. Bitcoin **fully regained its $64K April high in mid-October 2021**, roughly **6 months** after the peak of the drop ([Bitcoin's history of bull market drawdowns - Blockworks](https://blockworks.co/news/bitcoin-bull-market-drawdowns#:~:text=The%20other%20big%20drawdowns%20occurred,over%20the%20next%20four%20months)). Notably, despite its severity, this crash did **not** end the bull cycle; instead, BTC went on to reach a higher peak later in the year.
    
*   **September 2021 (~25%):** In early September, BTC reached about $52K and then pulled back to ~$40K (around –23%) by the end of September. While this decline was a bit milder (~1/4 off the top), it was another example of consolidation. The market quickly bounced back in Q4 2021.
    

_(Aside from the mid-May crash,_ **_2021 saw relatively few 30–40% dips_** _during the bull phase. The early-year correction was around 30%, and the next big drop was the 50% May–July drawdown. Smaller retracements (~20–25%) occurred in February and September 2021, but_ **_no other 30–40% pullbacks_** _occurred until after the final peak. After the November 2021 peak of ~$69K, Bitcoin fell ~39% to ~$42K by early December, and continued into a deeper decline – marking the start of the 2022 bear market.)_

Table 3 summarizes the significant corrections during the 2020–2021 bull cycle:

**Correction (2021)**

**Pre-Correction Peak**

**Trough Price**

**Decline**

**Time to Recovery**

Jan 2021 (early bull dip)

~$42,000 (Jan 8, 2021)

~$29,400 (Jan 27, 2021)

**–30%**

~3 weeks (recovered by early Feb 2021) ([Bitcoin’s Price Rebounds After 30% Drop From All-Time High - Decrypt](https://decrypt.co/55691/bitcoins-price-rebounds-after-30-drop-from-all-time-high#:~:text=,time%20high%20of%20%2442%2C000)) ([Bitcoin’s Price Rebounds After 30% Drop From All-Time High - Decrypt](https://decrypt.co/55691/bitcoins-price-rebounds-after-30-drop-from-all-time-high#:~:text=Discover%20SCENE))

May–July 2021 (mid-cycle)

~$64,800 (Apr 14, 2021)

~$29,800 (Jul 20, 2021)

**–54%**

~6 months (recovered by Oct 2021) ([Bitcoin's history of bull market drawdowns - Blockworks](https://blockworks.co/news/bitcoin-bull-market-drawdowns#:~:text=The%20other%20big%20drawdowns%20occurred,over%20the%20next%20four%20months))

Sept 2021 (minor pullback)

~$52,700 (Sep 6, 2021)

~$40,000 (Sep 21, 2021)

**–24%**

~1 month (recovered by Oct 2021)

**Recovery and Subsequent Trend:** The **January 2021 dip** was quickly followed by a strong surge – Bitcoin rallied to new highs above $50K in February. The **May–July 2021 crash**, while prolonged compared to earlier dips, eventually gave way to a **remarkable recovery**: by November 2021, Bitcoin not only regained its previous high but reached a **new peak near $69K** ([Bitcoin's history of bull market drawdowns - Blockworks](https://blockworks.co/news/bitcoin-bull-market-drawdowns#:~:text=The%20other%20big%20drawdowns%20occurred,over%20the%20next%20four%20months)). In fact, after bottoming near $30K in July, BTC rose over 130% in the next four months. This pattern showed that even a deeper correction could be absorbed within a bull cycle given enough time and renewed catalysts.

Overall, the **2020–2021 bull cycle** delivered Bitcoin’s price from ~$10K levels to the high $60Ks – roughly a **6× increase** (or ~**500%** gain in 2021 alone). From the cycle’s $3,200 bottom (Dec 2018) to the $68,700 top, BTC gained about **2,050%**. Compared to past cycles, 2021 had _fewer_ routine 30–40% pullbacks, but it did have one large mid-cycle reset. After the November 2021 peak, the bull run ended and a new multi-month drawdown (ultimately >50%) began ([Cryptocurrency Halving Cycles](https://advisor.morganstanley.com/the-stolarz-wealth-management-group/documents/field/s/st/stolarz-laporta-wealth-management-group/AlphaCurrents_Cryptocurrency_Halving_Cycles.pdf#:~:text=are%20affectionately%20known%20in%20the,about%20the%20crypto%20cycle%20before) ).

Comparison and Key Takeaways
----------------------------

**Frequency and Severity of Corrections:** Historical data shows that **30–40% corrections are common during Bitcoin bull markets**. In the 2013 cycle, at least _two_ such corrections occurred on the way to the peak (not counting the extreme April crash) ([Bitcoin latest bull market experienced several 30% plunges, will history repeat itself? - Forex Crunch](https://www.forexcrunch.com/blog/2020/11/19/bitcoin-latest-bull-market-experienced-several-30-plunges-will-history-repeat-itself/#:~:text=As%20FXstreet%20previously%20pointed%20out%2C,40%25%20corrections)). The 2017 cycle had _numerous_ mid-bull drawdowns in the 30–40% range – roughly five to six notable dips during 2016–2017 ([Bitcoin Supercycle or nah? – Stephan Livera](https://stephanlivera.com/bitcoin-supercycle-or-nah/#:~:text=Recall%20that%20the%202017%20cycle,cycle%20around%20%243k%20December%202018)) ([Bitcoin Historical Corrections](https://www.bitrawr.com/terminal/historical-corrections#:~:text=,12%20Feb%208%2C%202021%2031)). In the 2020–2021 cycle, 30–40% pullbacks were actually _less frequent_; the bull run saw mostly smaller dips (~20%) aside from the single big 50% retracement mid-cycle. **Most bull-market corrections have clustered around ~30–38% declines**, with ~40% being on the high end for a mid-cycle dip ([Bitcoin's history of bull market drawdowns - Blockworks](https://blockworks.co/news/bitcoin-bull-market-drawdowns#:~:text=The%20dotted%20line%20at%20the,no%20drawdowns%20of%20that%20size)).

**Recovery Durations:** During these bull phases, **recovery times ranged from weeks to months,** depending on the drop’s magnitude and market context. Smaller corrections (30% or so) in strong uptrends (e.g., 2017) tended to be retraced within a few weeks. For instance, after the **Sept 2017** 40% drop, Bitcoin took only about a month to hit new highs ([Bitcoin Historical Corrections](https://www.bitrawr.com/terminal/historical-corrections#:~:text=,43%20Feb%2023%2C%202017%2050)). The **Jan 2021** 30% dip was recovered in under a month ([Bitcoin’s Price Rebounds After 30% Drop From All-Time High - Decrypt](https://decrypt.co/55691/bitcoins-price-rebounds-after-30-drop-from-all-time-high#:~:text=,time%20high%20of%20%2442%2C000)) ([Bitcoin’s Price Rebounds After 30% Drop From All-Time High - Decrypt](https://decrypt.co/55691/bitcoins-price-rebounds-after-30-drop-from-all-time-high#:~:text=Discover%20SCENE)). Deeper corrections or those caused by broader fear took longer: the **Apr–Jul 2021** 54% correction required ~6 months to fully recover ([Bitcoin's history of bull market drawdowns - Blockworks](https://blockworks.co/news/bitcoin-bull-market-drawdowns#:~:text=The%20other%20big%20drawdowns%20occurred,over%20the%20next%20four%20months)), and the **Apr 2013** 83% crash needed ~7+ months to regain its former high. Generally, in an ongoing bull market, Bitcoin eventually **resumes its uptrend** after these corrections, once consolidation and renewed buying resolve the pullback.

**Subsequent Price Trends:** In all three cycles, each correction was followed by **higher highs** _as long as the bull market continued_. These dips often served as consolidation points that allowed new capital to enter. For example, after the mid-2017 corrections, Bitcoin rallied from ~$5K to $20K in the final leg. After the mid-2021 crash, Bitcoin rallied to a new ATH of $69K within months. It’s often observed that the **most brutal drawdowns tend to occur at the tail end of bull runs** or once the peak is in ([Bitcoin's history of bull market drawdowns - Blockworks](https://blockworks.co/news/bitcoin-bull-market-drawdowns#:~:text=What%E2%80%99s%20good%20to%20know%2C%20though%2C,tail%20end%20of%20bull%20runs)). Mid-cycle corrections, by contrast, have historically been buying opportunities during an uptrend.

**Overall Cycle Gains:** Each bull cycle delivered **diminishing but still enormous percentage gains** from cycle start to peak. To summarize the three cycles discussed:

*   **2013 Cycle:** Roughly **8,000–8,500%** rise from ~$13 in early 2013 to ~$1,150 at the peak (and about 57,000% from the 2011 low to 2013 peak). ([What Was the Price of Bitcoin in 2013? Bitcoin's Journey](https://plasbit.com/crypto-basic/what-was-the-price-of-bitcoin-in-2013#:~:text=Overall%2C%20Bitcoin%27s%20price%20dynamics%20in,eventually%20reaching%20%241%2C150%20in%20December))
    
*   **2017 Cycle:** Approximately **1,900%** gain from ~$1,000 in Jan 2017 to ~$19,700 in Dec 2017 (about 12,000% from the 2015 low of ~$152 to the peak) ([Bitcoin latest bull market experienced several 30% plunges, will history repeat itself? - Forex Crunch](https://www.forexcrunch.com/blog/2020/11/19/bitcoin-latest-bull-market-experienced-several-30-plunges-will-history-repeat-itself/#:~:text=As%20the%20chart%20below%C2%A0shows%2C%20BTC,peal%20to%20bottom%20of%2037)).
    
*   **2021 Cycle:** Approximately **500–600%** gain from ~$10,000 in mid-2020 to ~$69,000 in Nov 2021 (about 2,000% from the late 2018 low around $3,200 to the peak).
    

These figures show how each successive cycle’s **ROI was lower in percentage terms** (a sign of the market’s maturation and larger base). Nonetheless, all three bull runs were characterized by dramatic growth and high volatility.

Conclusion
----------

In summary, Bitcoin’s bull markets in 2013, 2017, and 2021 all experienced multiple **30–40% corrections** on the path to their peak prices. In each case, **Bitcoin bounced back** from these corrections to reach new highs – until the final top was hit. The **number of significant pullbacks** varied (several in 2013 and 2017; fewer in 2020–21), but **severity** of around one-third off the peak was a recurring theme. **Recovery times** ranged from quick (a few weeks) to prolonged (several months) depending on the cycle and context, but during the bull phase, recoveries did occur and the **uptrend remained intact**. Each cycle yielded a substantial **overall gain from start to peak**, even as percentage returns have trended lower over time (from thousands of percent in 2013 and 2017 to mere hundreds of percent in 2021).

These historical patterns illustrate that **deep corrections are normal in Bitcoin bull runs** ([Bitcoin latest bull market experienced several 30% plunges, will history repeat itself? - Forex Crunch](https://www.forexcrunch.com/blog/2020/11/19/bitcoin-latest-bull-market-experienced-several-30-plunges-will-history-repeat-itself/#:~:text=Massive%2030,time%20high)) ([Bitcoin latest bull market experienced several 30% plunges, will history repeat itself? - Forex Crunch](https://www.forexcrunch.com/blog/2020/11/19/bitcoin-latest-bull-market-experienced-several-30-plunges-will-history-repeat-itself/#:~:text=As%20the%20chart%20below%C2%A0shows%2C%20BTC,peal%20to%20bottom%20of%2037)). Investors who endured 30–40% drawdowns during these cycles were ultimately rewarded as Bitcoin went on to **appreciate to new all-time highs** after each pullback. Understanding these past cycles – the corrections and recoveries – provides valuable context for interpreting Bitcoin’s volatility in future bull markets.

**Sources:**

*   Bitcoin price historical data and commentary from 2013, 2017, 2021 ([What Was the Price of Bitcoin in 2013? Bitcoin's Journey](https://plasbit.com/crypto-basic/what-was-the-price-of-bitcoin-in-2013#:~:text=Overall%2C%20Bitcoin%27s%20price%20dynamics%20in,eventually%20reaching%20%241%2C150%20in%20December)) ([Bitcoin's Price History](https://www.investopedia.com/articles/forex/121815/bitcoins-price-history.asp#:~:text=Prices%20slowly%20climbed%20through%202016,16)) ([Bitcoin’s Price Rebounds After 30% Drop From All-Time High - Decrypt](https://decrypt.co/55691/bitcoins-price-rebounds-after-30-drop-from-all-time-high#:~:text=,time%20high%20of%20%2442%2C000)) ([Bitcoin's history of bull market drawdowns - Blockworks](https://blockworks.co/news/bitcoin-bull-market-drawdowns#:~:text=The%20other%20big%20drawdowns%20occurred,over%20the%20next%20four%20months)).
    
*   Analyses of past bull-market corrections and recoveries ([Bitcoin latest bull market experienced several 30% plunges, will history repeat itself? - Forex Crunch](https://www.forexcrunch.com/blog/2020/11/19/bitcoin-latest-bull-market-experienced-several-30-plunges-will-history-repeat-itself/#:~:text=As%20the%20chart%20below%C2%A0shows%2C%20BTC,peal%20to%20bottom%20of%2037)) ([Bitcoin Historical Corrections](https://www.bitrawr.com/terminal/historical-corrections#:~:text=,12%20Feb%208%2C%202021%2031)).
    
*   Blockworks and other industry research on Bitcoin drawdowns during bull cycles ([Bitcoin's history of bull market drawdowns - Blockworks](https://blockworks.co/news/bitcoin-bull-market-drawdowns#:~:text=The%20dotted%20line%20at%20the,no%20drawdowns%20of%20that%20size)) ([Bitcoin Supercycle or nah? – Stephan Livera](https://stephanlivera.com/bitcoin-supercycle-or-nah/#:~:text=Recall%20that%20the%202017%20cycle,cycle%20around%20%243k%20December%202018)).

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*Originally published on [48 Hours From Monday](https://paragraph.com/@48hrs/routine-corrections)*