Categories: BitcoinNews

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.


Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity

Did you like the news you just read? Please leave a feedback to help us serve you better

Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.

Ishan Garg

Ishan is a cryptocurrency trader and a journalist. He joined the cryptocurrency space in 2017. He is the founder of Blockmanity. He is a HODLER and is holding BTC, ETH & UGT.

Share
Published by
Ishan Garg

Recent Posts

Bullish Signals for Sui Blockchain: Top SUI meme projects of 2024

Macro guru and Real Vision CEO Raoul Pal shone the spotlight on a rising layer-1…

2 months ago

AI Companions: A New Era of Digital Relationships and Virtual Experiences

As the technology landscape transforms at lightning speed, AI Companions has positioned itself as a…

2 months ago

zkCross Network: Simplifying DeFi Complexity and Achieving Fundraising Success

Did you know that 85% of DeFi value is concentrated in six blockchains?  DeFi is…

2 months ago

Don’t Miss Out: Get $CLP Tokens in the Exclusive RWA IDO Now!

CLAPART - a groundbreaking RWA platform has launched its much-anticipated $CLP token IDO on Gempad…

3 months ago

Step into the Future of Web3 at Blockchain Futuristic Conference 2024, August 13-14

Join us at BFC 2024 to explore the future of Web3. Use a special discount…

4 months ago

WebX Asia 2024: Web3 Innovation Ignites in Tokyo

Catch all the updates with Altcoin Observer, official media partner of WebX Asia 2024. Gear…

4 months ago