This Macro Chart Shows Bitcoin Has Never Seen a Bear Market

This Macro Chart Shows Bitcoin Has Never Seen a Bear 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.

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 analystFilbFilb notes that bitcoin has never left the bull market on the macro level. He explained:

Yeah, its a bull market, still a bull market. Wasnt ever a bull 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, Im 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.

Retracements Are Pit Stops on the Bullish Circuit

With bitcoin spending the last few days hovering around the mid-$7k region, there is the inexplicable talk of the bull market being over. This is despite bitcoins 120% gain thus far in 2019.

But while bullish fatigue can result in notable pullbacks, the overall long-term trend for bitcoin price remains on an upward trajectory.

In fact, it is quite common for bitcoin bull-runs to experience 10 to 30 percent drops amid a parabolic rise. Using 2017 as an example, there were no less than eight of such temporary price retracements.

During that period, BTC skyrocketed from $966 at the start of the year, topping out at nearly $20,000 in mid-December.

There are many factors that contribute to these retracements profit scalping at certain price levels, value compression to create new entry points, etc.

The steep parabola created by such a sharp spike alone was ominous to experienced traders of a looming market correction but that hardly signals the end of long-term bullish advance.

As Bitcoinist reported, Bitcoins stock-to-flow model may be en route to a $100 trillion market cap that would exceed gold due to its set-in-stone scarcity that will become increasingly felt in the coming years.

Do you agree with the assertion that bitcoin has never been in a bear market? Let us know in the comments below.

Images via Shutterstock, Twitter @ChartsBtc, @Josh_Rager and @danheld

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06.06.2019 / 12:10 54
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