Share this article
Healthy Correction? Bitcoin Prices Retreat to $1,700
The price of bitcoin fell to around 10% below its most recent all-time high as the market experienced what analysts called a "healthy correction".
Updated Sep 14, 2021, 1:57 p.m. Published May 15, 2017, 10:16 p.m.
Bitcoin prices suffered what analysts largely called a correction today, falling nearly $100 to a low of roughly $1,650, almost 7% below the opening price.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The price of bitcoin suffered this fallback after nearly doubling in less than two months, according to data from the CoinDesk Bitcoin Price Index (BPI). Amid the strong interest from investors, bitcoin prices reached an all-time high of $1,848.75 on 11th May, but since then, they've fallen more than 10%.
In response, several analysts weighed in on this decline, though most said it was to be expected given the recent run of gains.
"The price is pulling back after spectacular rises," said Charles Hayter, co-founder and CEO of exchange information service CryptoCompare. "A correction is in play."
While bitcoin's price has retreated somewhat, more than one analyst described this as simply being a "healthy" correction.
"Prices can't keep going up and not correct," said Harry Yeh, managing partner of Binary Financial. Petar Zivkovski, COO of Whaleclub, offered similar sentiment, calling the activity a "healthy correction" in response to an upswell of recent hype.
However, Zivkovski added that cryptocurrencies could face further declines.
"If it does, more downside is to be expected as traders rush to take profit on long positions they've held since the start of the bull run," he commented.
Other analysts stated that the recent pullback in bitcoin prices was nothing out of the ordinary. Tim Enneking, chairman of Crypto Asset Management, described it as "standard behavior" after the huge gains seen lately.
Jacob Eliosoff, a cryptocurrency fund manager, provided similar input.
"It's like asking why it's raining when it's been dry for weeks. It's a small pullback, going up nonstop for weeks just wouldn't be natural," he said.
Eliosoff projected that real alarm prices would be in the $1,200 to $1,000 range, concluding that unless we have a "real drop" like that, no explanation is required.
Pencil image via Shutterstock
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Ethereum’s P2P Layer Is Improving Just as Institutional ETH Buys Pick Up
Early PeerDAS performance is proof that the Ethereum Foundation can now ship complex networking improvements at scale.
What to know:
- Ethereum co-founder Vitalik Buterin said that the network is addressing its lack of peer-to-peer networking expertise, highlighting the progress of PeerDAS.
- PeerDAS, a prototype for Data Availability Sampling, is crucial for Ethereum's scalability and decentralization through sharding.
- BitMine Immersion Technologies has significantly increased its Ethereum holdings, viewing it as a strategic investment in the network's future scaling capabilities.
Top Stories
