Debate Ensues: Is Bitcoin in Its Longest Bear Market or Not?
Summary:
Cryptocurrency experts debate whether Bitcoin is currently experiencing its longest-ever bear market or if it's not in a bear market at all. There are different interpretations of what constitutes a bear market in the crypto industry, leading to conflicting opinions. While some argue that Bitcoin has been in a bear market since its peak in November 2021, others point out longer periods in history when Bitcoin's price failed to reach certain milestones. Additionally, some believe that Bitcoin may not be in a bear market at all based on traditional definitions. Ultimately, the definition of a bear market in the crypto space remains subjective.
Cryptocurrencies such as Bitcoin (BTC) are not currently in their "longest ever bear market" and may not even be in a bear market at all, according to some industry experts. Michaël van de Poppe, the founder of MN Trading, stated on X (formerly Twitter) on Aug. 27 that Bitcoin is currently experiencing its longest bear market in history. However, there are opposing views to van de Poppe's claim. The definition of a bear market in crypto is subjective and can be interpreted in different ways, leading to endless arguments among analysts. According to Allen Scott, Cointelegraph's market editor, one perspective is that Bitcoin has been in a bear market since reaching its all-time high in November 2021, lasting so far for 659 days. However, this period is still not the longest bear market based on this approach. In the past, Bitcoin has gone through a 37-month bear market between November 2013 and January 2017, where its price failed to surpass $1,000. It also experienced a similar period of lag after reaching $20,000 in December 2017. However, some argue that Bitcoin may not currently be in a bear market at all, as it has not declined by 20% or more from its recent high in mid-July 2023. Furthermore, Bitcoin has seen a 34% increase in value over the past year. Supporters of Bitcoin believe that, when looking at the bigger picture, Bitcoin has consistently been in a bull market since 2019, citing factors such as high inflation, loss of purchasing power, growing debt, and adoption by countries like El Salvador. Ultimately, the definition of a bear market in the crypto space can vary depending on individual viewpoints.
Published At
8/31/2023 2:14:38 PM
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