On Sunday, May 29th, crypto analyst Matthew Hyland shared a Tweet revealing Bitcoin’s price action over the years. The chart of the leading crypto asset showed that Bitcoin is in its fourth-longest downtrend since its inception. Thus, investors can expect the market to recover soon.
Bitcoin’s Price Action Since 2014
The longest bearish market the leading digital currency ever experienced spanned between 2014 and 2015. Bitcoin was in a downtrend for over 400 days. The market eventually recovered early in 2015, giving rise to a new era for the bulls.
Following the recovery, the subsequent plummet in value was in 2018. The famous 2018 bitcoin crash spanned almost a full year. The asset headed towards “the earth crust” before changing its direction to “the moon.”
Again, in 2019, Bitcoin declined steadily for 261 days. After falling as low as $4000 in 2020, the bulls came in again, chasing the bears away from the party. As expected, investors who failed to purchase significant volumes of BTC after the decline in March regretted their inactions.
The later part of 2020 and the early weeks of 2020 birthed new peaks for Bitcoin. Month after month, Bitcoin created new all-time highs, springing from less than $10,000 in September to over $60,000 just six months later. The rally also welcomed more institutional investors to the market, and the bulls were ecstatic.
Interestingly, like every other bull run, the party was put to a halt in April following negative news in the crypto ecosystem. Bitcoin fell from as high as $60K in April 2021 to $31K in July, losing more than half of its value.
Relief came again for the bulls when Bitcoin recovered in the following months, exceeding its previous all-time high. BTC went as high as $69,000 early in November 2021. The highly valued cryptocurrency could not hold on for long, and a new downtrend began. Since its last all-time high of $69,000, Bitcoin has steadily declined for 200 days. This is the fourth-longest downtrend the crypto-asset has ever had. Bitcoin currently trades at $30,500, and investors will be hoping for relief from the bears soon.
