On Saturday, members of the forum r/cryptocurrency discussed how the current bear market is now the second-longest bear market in the history of bitcoin prices. According to the forum post, the current crypto winter has lasted more than 380 days, just below the longest bitcoin downturn that took place during the 2013-2015 bear market, which lasted 415 days in length.
‘Surviving a Bear Is a Rite of Passage’ — Redditors Discuss Surviving the Second-Longest Bitcoin Bear Run
During the last few months people have been curious about how long the crypto winter will last and on Saturday, Nov. 26, 2022, the Redditor u/partymsl published a forum post on r/cryptocurrency declaring the current downturn as “the second-longest bear market ever for crypto.”
The post’s author notes that this crypto bear market is “likely to be the longest” and stressed that “surviving this [bear market] is no joke.” Moreover, u/partymsl also summarized how the author defines a bear market, and explained that it’s “basically a long period where the price remains significantly below the recent [all-time high].
“With another black swan in crypto and another leg down, this time due to FTX, we are now officially in the second-longest bear market ever, an achievement I do not know whether we should be proud of,” the r/cryptocurrency post’s author notes. “Especially as with the current sentiment globally, this could very well be the most brutal and longest bear market.”
According to the author, the 2018-2019 bitcoin bear market lasted 365 days, and the current downturn is now over 380 days. The Redditor u/partymsl also noted that its “highly unlikely” crypto prices have hit the bottom. Moreover, with 380 days under the belt, the author highlights that the current crypto bear market is getting awfully close to eclipsing bitcoin’s 2013-2015 bear run.
“To become the greatest crypto bear market we are not too far off either, the 2013-2015 bear market took 415 days, which would put us in early January which is very likely to still be in a bear market,” u/partymsl explained on Saturday. The Redditor’s post was a popular one on r/cryptocurrency with 89% upvotes and 514 of them at the time of writing. The author’s two cents also received many comments from fellow Redditors who also discussed the chart u/partymsl shared with the post.
“Surviving a bear is a rite of passage. Turns rookies into veterans,” one individual said. “40 thousand people used to post here, now it’s a ghost town,” another person replied referring to r/cryptocurrency’s decline in posts since the bull run. “Quitters never win,” another Redditor snarked. The post’s author reminded crypto bear market survivors that they should be pleased with their determination and making it this far.
“You can soon call yourself a survivor of the most brutal and [longest] crypto bear market in history and that is not easy,” the Redditor u/partymsl concluded. “Millions of people left the markets and we are truly the last ones standing. For coming this far and possibly even further, you all deserve a pat on your back. Well Done.”
What do you think about the current bear run becoming the second-longest downturn and how it could surpass the longest bear run? Let us know what you think about this subject in the comments section below.
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Source: https://news.bitcoin.com/after-more-than-380-days-crypto-supporters-celebrate-surviving-the-second-longest-bitcoin-bear-market/