The ongoing bear market in Bitcoin is the longest in the network’s history, Glassnode data shows.
According to trackers, the winter started on November 10, 2021, after prices peaked at over $69,000. As of July 18, 2023, BTC is trading at around the $30,000 level, down by almost 55% from its all-time high.
However, despite the crash and bears persistence, recent developments suggest that the bottom might be in.
Bitcoin Bear Run Over?
Trackers reveal that this is the second largest phase when the coin’s prices have remained under water for this extended period. Between 2015 and 2016, which was still the formative stages of the coin when its liquidity was building up, the coin remained depressed for 386 days.
BTC investors were also under pressure between 2018 and 2019 when prices drastically fell from 2017 peaks, crashing to as low as $4,000 at the depth of the crypto winter of 2018.
The extended bear run from 2021 has been influenced by several fundamental factors, including t
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