The Chart That Might Get Bitcoin Bulls Sweating

The Chart That Might Get Bitcoin Bulls Sweating
Andrew Rummer

over 2 years ago1 min

After making an encouraging move higher last week, bitcoin has dropped back into the trading range it’s occupied since mid-May – hovering between $30,000 and $40,000. 

But while the OG cryptocurrency is down a painful 40% from its closing high in April, previous bear markets have been even harder.

The chart shows how bitcoin’s current slide from its April high (in pink) compares to the big bear markets that began in December 2017 (in blue) and November 2013 (in green). 

Some three months into the current slide, the three declines are looking remarkably similar – and bitcoin HODLers will be hoping history stops repeating soon. After all, by November 2014 bitcoin was trading 67% lower than a year earlier. And by December 2018 it had lost a massive 82%. Will bitcoin’s decline through April 2022 be equally disastrous?



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