Bitcoin’s Expected Bottom Based on Previous Bear Markets

The past year or so has not been kind to major cryptocurrencies following many industry and macroeconomic adversities.

The asset has lost about 80% of its value from its all-time high last November, but some estimates suggest it could fall further, possibly into four-digit territory.

• It was about a year ago that the industry was booming, led by massive gains charted by the biggest cryptocurrencies. rose to $69,000, a new all-time high.
• However, the teeth began to change in the following months. Central banks have adjusted monetary policy, from overprinting their respective currencies to raising interest rates, to try to combat the rapid inflation they have created.
• This, along with the war in Ukraine and several other macroeconomic factors, pushed riskier assets down and BTC was no exception. It got worse. Terra’s epic fallout.
• Multiple affiliates have since stopped exiting, sought emergency funding, and even filed for bankruptcy. One crypto company stood out as a potential savior FTX.
• Still, that It did not work, and it turns out that the savior will have to save himself. Another epic collapse followed and, as expected, BTC fell again. The worst so far was last week when Bitcoin fell below his two-year low of $16,000.
• This represented an almost 80% drop since the November 2021 ATH. Comparing the current bear cycle to the previous two, strategists believe that if the bear market mimics the 2014-2015 bear market, BTC could fall to $9,500, and the 2017-2018 He said a drop to $11,000 is possible if the event happens again.

current comparison $BTC Bear Market to the previous two.
So far, prices have dropped by almost 80%

If this bear market goes as bad as it did in 2014-2015, it’s about $9.5 million.

If the 2017-2018 bear market continues, it will reach $11,000. pic.twitter.com/irPVMZdDWb

DonAlt (@CryptoDonAlt) November 19, 2022