Everyone has been somewhat celebrating over the fact that they think this is the longest bear market in bitcoin's history...
And they want some kind of badge or something.
Like they have survived the worst bitcoin had to give and are now guaranteed to go back up again.
Leaving that second part out for now, I'd like to dispel that first rumor.
Here is a chart of someone claiming this is officially the longest bear market in bitcoin's history:
(Source: ~~~ embed:1091293359577145345) twitter metadata:Z2FsYXh5YnRjfHxodHRwczovL3R3aXR0ZXIuY29tL2dhbGF4eWJ0Yy9zdGF0dXMvMTA5MTI5MzM1OTU3NzE0NTM0NSl8 ~~~
They are defining the length as starting from when bitcoin peaked to when it made its low during the bear market.
For this simple reason, we can't say for sure that this bear market is longer.
What if the low is already in?
Looking at that chart you can see that bitcoin went down to about $3,100 a few months back.
That marks the low of the bear market thus far.
Which means if we measure the peak to the low, the bear market would have ended a few months ago, not making this one the longest ever.
If bitcoin were to start going up and never make a new low from here, this nonsense about being the longest bear market would be just that, nonsense.
Only way it makes sense is if bitcoin actually goes on to make a lower low at some point in the future from here.
Which it certainly may.
My only point is that we can't technically call this the longest bear market in bitcoin's history until it makes another lower low.
Until then, for all we know it already made its lowest low and the next move might be higher.
😩😂😩😂😩
Technically accurate, practically I assume the bottom is not in and that his bear will be longer than the last one.
You will probably be proven right, though I hope not. :)
Nice! I've been telling people all day that this is the longest bear market in the history of bitcoin. Wish I had seen this earlier haha!
Yea well it very well might be, just not yet.
How about 530 bars by -86% and bottom at around 2500?
Could be, though I hope you are wrong.
I actually ended up checking the graph and even tho there certainly is a slight possibility for even much lower prices I think that 3100 some time ago actually was the bottom. Naturally we need to see a breakout to the upside. I'm positive.
I agree. We might see a retest of those lows here soon, looking for a buy spot there and then a major bounce.
The slightly updated graph.
This chart looks like we would see a lower low again after this incoming bounce?