Bitcoin [BTC] approaches record cycle for the bear market, data shows accumulation phase began
Bitcoin [BTC] is fast approaching the date of the longest bear market in its 10-year history. The previous longest period of Bitcoin bear market was in 2014-2015 where the bear market least for 410 days. On 2nd February 2019, it will be 410 days of the present bear market.
It all started from 6th December 2013, where Bitcoin peaked at $1,004 and crashed by close to 40% in 2 days. Bitcoin bottomed out on 14th January 2015 at $208. From there on an accumulation of Bitcoin slowly began building up which paved the way for the 2017 bull run.
On 2nd February 2019, Bitcoin would cross the previous record of 410 days effectively becoming the longest-serving bear market in the cryptocurrency bear market. Analyst and TV pundits “predict” that Bitcoin will continue in the bear phase till Q4.
But if you look at the data, it can be revealed that maybe Bitcoin has started the accumulation period. The cryptocurrency is almost 10% up from 2018-2019 low, where Bitcoin briefly went below the $3,000 support but rebounded soon afterward.
Bitcoin is currently trading at $3,458 and has a 53.5% market domination. What is interesting is the while the cryptocurrency is in a bear market, the transaction volume is up. Even the number of new Bitcoin addresses have increased.
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