The History of Bitcoin Bearish Market
Do you know that bitcoin will come out of its bearish season? Here is why: the bitcoin bearish season never lasted forever; it will come and go. Following bitcoin’s antecedents and trajectory, it has gone through a lot of bearish periods since it was created.
There are periods in which bitcoin experiences the most prolonged decline, and it lasted for several months during this time. During this period, the Bitcoiners lost a huge amount of money because of panic selling. There were a record number of people who sold their Bitcoin, and they lost even more, but those that were able to hold it for a longer period of time were able to make a profit when the bullish season resumed.
Here are the recorded bearish seasons for bitcoin.
• The 2011 bearish season: this was the first bearish market that we experienced around Bitcoin, and it occurred just 2 years after its creation. This bearish market lasted for several months—exactly 163 days—and occurred from June 8th, 2011 to November 18th, 2011. At this time, the price of Bitcoin declined from $30 to below $3. The major cause of the decline was a result of some factors. One of the factors is the hacking of the Mt. Gox cryptocurrency exchange.
• The 2013–2015 bearish season: This is the longest and most difficult bearish market in Bitcoin history. The bearish market lasted for approximately 13 months, which is exactly 406 days. It was precisely from December 4th, 2013 to January 14th, 2015. At this time, the price of Bitcoin declined from $1200 in 2013 to $150 in early 2015. It was also caused by the collapse of the MT Gox exchange and some other factors. The exchange announced that it lost around 850,000 bitcoins, which were worth around$500 million at the time.
• The 2017–2018 Bearish Season: The price of Bitcoin declined from its all-time high around $20,000 in late 2017 and dropped below $4,000 in late 2018. It lasted from December 6th, 2017 to December 15th, 2018, which is around 364 days. This was certainly caused by the regulatory uncertainty surrounding Bitcoin and the concern about the scalability of the Bitcoin network.
• The 2021–2023 Bearish Season: It started from November 8th, 2021, until date. It lasted for several months, which is more than 430 days. This was mainly caused by the regulatory framework for bitcoin and the hike in interest rates by the Federal Reserve.
In conclusion, Bitcoin continues to attract significant attention from financial investors despite the bearish movement. In fact, the long-term supporters of Bitcoin see the bearish market as an opportunity to keep accumulating Bitcoin at lower prices with the expectation of making huge profits in the future when it eventually makes a rebound.
