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.
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.
People have asked if that was short term sell off and the price is heading back up
Due to the amount of volume, it's more likely price has short term relief that can last hours or days before another push down to retest support
Price action isn't a straight line :) pic.twitter.com/FiTSsNO7SF
— Josh Rager Read more