Bitcoin (BTC) price action hits record low below 200-day moving average, signaling potential rebound. Analyst Martin Leinweber notes -2.88σ deviation is unprecedented in a decade. Despite fast price drawdown, long-term investment thesis remains intact. Investors advised to exercise patience as dip-buying opportunity emerges.

BTC experiences one of its fastest price drawdowns, dropping over 22% in a week. Leinweber highlights statistical extremes in cryptoasset price decline data. Although not at generational lows yet, Bitcoin remains at statistical extremes. Analysts suggest the current price floor may only be a “local” one amidst a macro-driven bear market.

Bitcoin sees first-ever $10,000 daily red candle, surpassing previous bearish events like COVID-19 crash. Crypto Fear & Greed Index hits extreme low at 9/100. Despite negative sentiment, large-volume investors seen buying the dip. Trader Daan Crypto Trades advises patience to take advantage of volatile market conditions for potential profit.

Read more at Cointelegraph: Bitcoin Just Saw One of Its Fastest Crashes in History