The “real” pit of the bear market for Bitcoin has since delivered over 2,000% gains for patient BTC holders.
Bitcoin (BTC) may be flagging below $50,000, but its bull market is actually three years old this month.
Data from Cointelegraph Markets Pro and TradingView confirms that Bitcoin bulls have at least something to celebrate as 2021 draws to a close.
Three years, 2,125% upside
Despite disappointing when it comes to end-of-year price expectations, BTC/USD remains an order of magnitude higher than where it was even 18 months ago.
March 2020 marked a brief return to near-cycle lows in what had otherwise been a solid bull market ever since December 2018. At that time, Bitcoin capitulated to lows of $3,100 — a level that was never seen, and likely never will be seen again.
It was Dec. 15, 2018, when Bitcoin ended an entire year of retracement from all-time highs of near $20,000. Compared to this year’s $69,000 peak, BTC investors have thus had exposure to as much as 2,125% gains. Consolidation lasted for several months afterwards, with April 2019 being the watershed moment as the market climbed toward the year’s high of $13,800. The anniversary of “peak bear” is timely, coming as analysts weigh the chances of consolidation and a slow grind upward characterizing the end of this year and the beginning of the next.
“Welcome to the chop season,” Cointelegraph contributor Michaël van de Poppe summarized.
“The season where all the gains of day 1 are lost on day 2 and everything flip/flops within 24 hours, also the ideas of people on the markets.”
As Cointelegraph reported, Sept. 15 formed another birthday for Bitcoin in the form of it spending an entire year above $10,000.