Analyst: Bitcoin's current pullback is relatively mild; based on historical average drawdowns, the corresponding price would be approximately $74,500.

BlockBeats news, October 9 — CryptoQuant analyst MAC_D posted that Bitcoin fell from its October 5 high of $87,027 to an October 9 low of $80,404, a drawdown of about 7.61%, close to the average drawdown of 7.58% during the 2022 to 2025 bull market cycle, but still below its statistically calculated overall historical average drawdown of 14.39%.

Using the Bitcoin bull market cycle drawdown indicator, the price declines from stage highs across various bull markets are compared. Among them, the average drawdowns for 2010 to 2011, 2011 to 2013, 2015 to 2017, and 2018 to 2021 were 18.41%, 21.71%, 10.93%, and 19.39%, respectively, with the most recent cycle's drawdown being relatively mild.

He pointed out that if the overall historical average drawdown of 14.39% is applied to the recent high, the corresponding price would be about $74,500, which can serve as a reference for further downside. He believes investors could consider gradually accumulating BTC near $80,000 and increasing buying efforts in the $74,000 to $75,000 range.