The global digital asset market is still trading under the bear’s claws as the biggest crypto is still facing resistance to surge ahead. Experts have suggested that Bear Market’s end can be anticipated by tracking the 2014 and 2018 cycles.
Crypto bear market to last for a long time?
Bitcoin (BTC) prices have dropped by over 10% in the past 7 days. Data suggests that this BTC drawdown has lasted for straight 286 days. Bitcoin prices have dropped by around 70% from its all time high amid this crypto bear market.
The report highlights that the Bitcoin price showed some weak recovery signs. Last week, BTC failed to break out about the $25K price level. However, it also failed to keep up its strong uptrend at the $22.5K support level. Bitcoin dropped down below the $20.7K price level.
It added that the $20.7K support level has been retested three times since July 18th. Bitcoin holds a support area of around $19K made that the time of 2017 ATH.
After comparing this cycle with 2014 and 2018, data depicts that the bottom occurred 12-13 months after the beginning of the crypto bear market. This left the market down by around 84%. Expert mentioned that if history repeats itself then the bottom could be registered by the end of 2022.
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Will BTC price recover?
However, the market is slightly in a different mode this time. It highlighted that last year’s double top in April and November was never seen before. Meanwhile, the 2018 bear market saw compressed volatility for a long period of time. It went on to stretch for 140 days where BTC price traded in a range of $6-7K.
Expert mentioned that the same tendency can be seen in today’s market. Bitcoin price is trading in a close price range of $20K for around 70 days.
Bitcoin is trading at an average price of $21,437, at the press time. BTC is holding a 24 hour trading volume of around $31.5 billion.
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