Opinion: There’s no formal definitions for bitcoin bear markets, but that shouldn’t stop us from celebrating stubbornness.
Highlights
- Bitcoin’s year-on-year returns were negative for 490 days — a new record.
- The previous record was 353 days between November 2014 and October 2015.
- Bitcoin would have entered its most recent bear market early last February, when it traded for $44,000 — around 35% below its $69,000 high set in November 2021.
- The S&P 500 was declared to have exited its bear market about one month ago under these very conditions.
- However, it’s too early to say that we’re back, especially if you’ve been holding since at least the start of last year.
- Nevertheless, it would imply that bitcoin has been in a bull market for the past 24 days.
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