Bitcoin (BTC) may be flagging below $50,000, but its bull market is actually three years old this month.<\/p>\n
Data from Cointelegraph Markets Pro and TradingViewconfirms that Bitcoin bulls have at least something to celebrate as 2021 draws to a close.<\/p>\n
Despite disappointing when it comes to end-of-year price expectations, BTC\/USD remains an order of magnitude higher than where it was even 18 months ago.<\/p>\n
March 2020 marked a brief return to near-cycle lows in what had otherwise been a solid bull market ever since December 2018. At that time, Bitcoin capitulated to lows of $3,100 a level that was never seen, and likely never will be seen again.<\/p>\n
It was Dec. 15, 2018, when Bitcoin ended an entire year of retracement from all-time highs of near $20,000. Compared to this years $69,000 peak, BTC investors have thus had exposure to as much as 2,125% gains.<\/p>\n
Consolidation lasted for several months afterward, with April 2019 being the watershed moment as the market climbed toward the years high of $13,800.<\/p>\n
The anniversary of peak bear is timely, coming as analysts weigh the chances of consolidation and a slow grind upwardcharacterizing the end of this year and the beginning of the next.<\/p>\n
Welcome to the chop season, Cointelegraph contributor Michal van de Poppe summarized.<\/p>\n
As Cointelegraph reported, Sept. 15 formed another birthday for Bitcoin in the form of it spending an entire year above $10,000.<\/p>\n
While a return even to $20,000 is not in the cards for the majority of market participants, analysts are not discounting the idea that Bitcoin will dip considerably again in the short term.<\/p>\n
Related:Analyst lists 21 factors calling for Bitcoin price upside But just 4 bearish signals<\/p>\n
For popular trader Pentoshi, this could take the form of another leverage cascade to flush excessive speculation from the market.<\/p>\n
Major support levels revolve around $40,000, a breach of which would put BTC\/USD on course to challenge its dip from after Mays miner rout.<\/p>\n
Conversely, a max pain scenario would in fact be a run higher toward $60,000, fellow trader Filbfilb arguedthis week.<\/p>\n
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