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It can now be stated that this end of the bear market ended with a rise of over 2000% for the most patient bitcoin hodlers. Bitcoin is now worth less than $ 50,000, but keep in mind that the bull market is three years old this month.
Despite the disappointment reigning in the market, the BTC / USD trading pair is now at a level that is an order of magnitude higher than it was just 18 months ago. March 2020 saw a brief return to the lows of the bullish cycle seen since December 2018. Then Bitcoin surrendered and fell to a low of $ 3100, which has never been repeated since and is unlikely to be repeated. It was December 15, 2018, and bitcoin thus ended a full year of correction after reaching an all-time high of $ 20,000.
Compared to the May peak of $ 69,000, bitcoin investors made a profit of 2,125%.
After bitcoin fell to $ 3,100 in 2018, consolidation has been observed for several months. However, already in April 2019, the price rose to an annual high of $ 13,800. The December anniversary of the historic fall in bitcoin is very relevant, since analysts are now considering consolidation and hope for bitcoin growth at the end of this year.
Amsterdam Stock Exchange trader Michael van de Poppe described the situation as follows: “Welcome to the meat grinder season. A season when all achievements of one day are completely leveled off the next day. And everything changes within 24 hours, including the ideas of market participants. “
On September 15, Bitcoin marked another important anniversary – 365 days above $ 10,000.
1-day BTC / USDT chart, log scale. Source: TradingView / Bitstamp
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