Why This Bitcoin Bear Market Is Among The Worst Ever
Buckle Up: Bitcoin’s Latest Bear Market
Oh boy, here we go again! The price of Bitcoin has taken quite the nosedive—it’s now hanging out about 45% below its all-time high of a whopping $126,080! What does this mean? Well, folks, it means we’re riding one heck of a bear market wave. This whole bear party began with Bitcoin crossing below that big ol’ 365-day moving average late last year, and boy, has it been a wild ride since!
A Deep Dive with CryptoQuant
In a recent update that sent waves across the crypto community, CryptoQuant’s top dog researcher, Julio Moreno, informed us on his latest findings. Spoiler alert: This bear market is playing rough! According to Moreno, Bitcoin’s price has dropped around 30% so far, and that’s no joke. We’re definitely not in the cuddly teddy bear territory, folks.
Charting the Bearish Course
Now let’s talk charts! If we peek at some visuals from the past, we see that during the bear market back in 2014, Bitcoin was only down about 20% at this point. Fast forward to 2018, and guess what? Same story—about a 20% dip. But the plot thickens! Last year (2022), Bitcoin was in a pickle, swirling down about 60% below that same 365-day average. Ouch!
Bitcoin’s Rollercoaster Ride
You’d think that after all this time, Bitcoin would mature like a fine wine or a cheese, but nope! The largest cryptocurrency still shows some crazy volatility right out the gate of a bear market. What a drama queen! So, when will this rollercoaster ride hit the brakes? That, my friends, is still a mystery wrapped in an enigma.
Needs a Little Push to Turn It Around
In the quest for a Bitcoin bounce back, there are some signs to watch. For one, the demand metric isn’t looking too hot and keeps spiraling downwards. And those US-based Bitcoin ETFs? Their outflow numbers are showing some serious capital constraints. Can you say “uh-oh?” As we type this, Bitcoin is hanging out around $70,500, which shows a tiny 2% boost in the last 24 hours. Hope is alive, but let’s keep our fingers crossed!