After achieving an all-time high (ATH) of $69K last year, bitcoin and the rest of the cryptocurrency market have been gloomy for the following six months.
While the prices are depressing for many, it has led to speculation about how long the downward trend will continue.
The leading crypto asset has lost 45 percent since the beginning of the year. During long-term bear cycles, when BTC peaks, the price usually drops dramatically, and after a few specific tops, BTC has plunged more than 80% below the high.
For example, in April 2013, BTC hit an all-time high of $259 per unit before plummeting to $50 per unit, losing 82.6 percent of its value.
BTC’s value fell by 86.9% from it’s all-time high of $1,163 per unit in November 2013 to January 2016.
Bitcoin’s USD value would decrease to a low of $13,800 per unit if it lost 80% of its value from its current $69K peak six months ago.
BTC still a part of ‘greater bull cycle’
On May 1, cryptocurrency enthusiast and YouTuber ‘Colin Talks Crypto’ addressed the softer bear market idea. BTC gained 1,518.75 percent between its peak on August 17, 2012 ($16) and its peak on April 10, 2013 ($259).
Between the top of the cycle on April 10, 2013 and the peak in November 2013, bitcoin gained 349.03 percent. Then, from November 2013 to December 2017, BTC increased by 1,590.97 percent.
Prior to 2017, the bitcoin bull run lasted only 200 days, or nearly half of that time. This means that, while the present bear market may be gentler in certain ways, it may persist much longer than prior bad markets.
Bitcoin Price Analysis:
The bitcoin price began a gradual comeback after creating a double bottom near $37,500. The $38,500 resistance zone was clearly breached.
On the hourly chart, there was also a break over a connecting negative trend line with resistance near $38,250.
The price even surpassed the $38,880 mark. The bears, on the other hand, continue to defend the $39,100 and $39,150 resistance levels.
A clear close above $39,150 might signal a significant rise. At the time of writing BTC was trading at $38,382 and is up by more than one percent.