Bitcoin Will Have Longest Bear Market in the History If BTC Price Plunge Below this Level

Since the beginning of its existence, Bitcoin has been roundly criticized for the extreme volatility and risky character of its market. However, recent occurrences in the cryptocurrency space seem to lend credence to the aforementioned worries.

Bitcoin’s value has decreased by 3.8% in the last twenty-four hours, bringing it down to $17,400 at the time of this writing. In spite of the fact that 2018 was a difficult year for the vast majority of the cryptocurrency market, there does not appear to be a shortage of believers that 2023 will offer a chance for recovery. This was demonstrated by a poll conducted by the renowned cryptocurrency analytics platform CoinMarketCap.

At the time of publication, the results are overwhelmingly optimistic, with 83.2% of respondents indicating a bullish outlook for the next year on the cryptocurrency markets, according to data obtained by Coinpedia on December 15. On the opposing side, 16.89% of voters are bearish about the future market conditions in 2023.

Benjamin Cowen, a cryptocurrency analyst who is also the founder of the well-known Into the Cryptoverse newsletter, recently sent a Bitcoin analysis video to roughly 800 thousand of his subscribers. In the video, he compared several Bitcoin bear markets.

The Bear Market Cycle Peak  ROI is a helpful indicator that can be used to detect capitulation levels of the current cycle in bear markets. Analysts evaluate the extent of the market’s current losses by evaluating the Return on Investments from the top of the current cycle. The current bear market is in the green line.

According to the analyst, if April is regarded as the peak for BTC, then this bear market has been going on for 401 days, which is quite long and makes it the second-longest BTC bear market in the history of cryptocurrency.

The one that lasted from November 2013 all the way through January 2014, a total of 406 days, was the longest. That is to say, if Bitcoin (BTC) does make a new bottom in the next five days or more, it will break the record and become the longest bear market in the history of Bitcoin.

According to Cowen, there are a lot of reasons to believe there won’t be a new bottom, but there are also a lot of reasons to believe there will.

He went on to say that even if the BTC has reached the bottom, this does not indicate that the bear market is about to end.

Cowen believes that things will begin to turn around and become neutral sometime in 2023 and that as the halving approaches, we will begin to see some strong bullish signals. 

What Can You Expect From  BTC in the Coming Weekend?

Goldman Sachs opines that Bitcoin’s present value is driven by the breadth of its potential future use cases, making it both extremely volatile and a solution in search of a problem.

BTC’s recent price surge is an encouraging indicator of market demand. This is particularly true now that BTC has recovered from its plunge from $20,000 to $15,600 after the FTX crash and is trading at $17,600, just marginally higher than its June low.