Happy bearday, Bitcoin: Its been 3 years since BTC bottomed at $3.1K – Cointelegraph

Bitcoin (BTC) may be flagging below $50,000, but its bull market is actually three years old this month.

Data from Cointelegraph Markets Pro and TradingViewconfirms that Bitcoin bulls have at least something to celebrate as 2021 draws to a close.

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.

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.

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.

Consolidation lasted for several months afterward, with April 2019 being the watershed moment as the market climbed toward the years high of $13,800.

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.

Welcome to the chop season, Cointelegraph contributor Michal van de Poppe summarized.

As Cointelegraph reported, Sept. 15 formed another birthday for Bitcoin in the form of it spending an entire year above $10,000.

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.

Related:Analyst lists 21 factors calling for Bitcoin price upside But just 4 bearish signals

For popular trader Pentoshi, this could take the form of another leverage cascade to flush excessive speculation from the market.

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.

Conversely, a max pain scenario would in fact be a run higher toward $60,000, fellow trader Filbfilb arguedthis week.

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Happy bearday, Bitcoin: Its been 3 years since BTC bottomed at $3.1K - Cointelegraph