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This Macro Chart Shows Bitcoin Has Never Seen a Bear Market

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bitcoin price bull market

With bitcoin price never experiencing a lower yearly low, is it correct to say the top-ranked crypto has ever been in a bear market?

Has Always Been a Bull Market for Bitcoin

It is common to come across mention of narratives like “the 2018 bitcoin bear market.” Why, because the BTC price fell by close to 80% during the year.

However, the BTC low for 2018 was around the $3,100 price mark reached in December 2018 in the aftermath of Bitcoin Cash civil war.

Despite the BTC price 00 ‘bubble’ popping in 2018, it still set a higher low than all other previous years. In fact, bitcoin has never set a lower yearly low.

Historical Bitcoin Performance

Viewing the BTC price action on a macro level, it seems somewhat accurate to say BTC/USD has never actually been in a bear market.

Commenting on the matter, Bitcoinist senior market analyst FilbFilb notes that bitcoin has never left the bull market on the macro level. He explained:

Yeah, it’s a bull market, still a bull market. Wasn’t ever a bear market. If bitcoin does not put in a lower low on the macro level, does it mean we never entered a bear market? On a macro level, I’m thinking the answer is yes.

Considering the Present BTC Price Action

So far in 2019, BTC has generally set higher lows. However, bitcoin failing to hold $7,500 during this current wobble, then that trend could be broken.

Major support for BTC currently lies even lower, somewhere around the mid-$6k mark. Back in mid-May, BTC broke $6,500 before pushing on to $9,100 less than a fortnight later.

Tweeting on Monday, bitcoin analyst Josh Rager declared that staying above $7,500 was critical to BTC experiencing a price pullback.