The leading cryptocurrency Bitcoin (BTC) is still facing bullish resistance. Hence, the global digital asset market is trading under bear claws. Experts take a historical perspective on the long-running bear market. In this context, they try to predict the end of the bear market by watching the 2014 and 2018 cycles.
As you follow on Kriptokoin.com, Bitcoin (BTC) has lost more than 10% in value in the last 7 days. The data shows that the last BTC bear market lasted for 286 days. Bitcoin price is down nearly 70% from its all-time high (ATH) in this crypto bear market. The report also highlights that Bitcoin price is showing some weak signs of recovery. On the other hand, last week, BTC failed to break the $25,000 price level. Also, it failed to sustain the strong uptrend at the $22.5k support level. Moreover, the leading crypto saw below the $20.7k price level.
The report also states that the $20.7k support level has been retested three times since July 18. Bitcoin has a support area of around $19k made at the time of the 2017 ATH. After comparing this cycle with 2014 and 2018, the data shows that the bottom occurred 12-13 months after the start of the crypto bear market. This reduced the market by about 84%. Experts note that if history repeats itself, the bottom could be registered by the end of 2022.
However, the market is in a slightly different mode this time. The report highlights that last year's double peak in April and November has never been seen before. Meanwhile, it is worth noting that the 2018 bear market saw compressed volatility for a long time. This situation continued for 140 days, when the BTC price was traded in the range of 6-7 thousand dollars.
Experts note that the same trend is also seen in today's market. Bitcoin price has been trading in a price range close to $20,000 for about 70 days. Meanwhile, BTC is changing hands at an average price of $21,726 at press time. The leading cryptocurrency registered an increase of 0.8% in the last 24-hour time frame. Also, BTC has a trading volume of around $31.5 billion in the last 24 hours.
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