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- Bitcoin price has been now three years since it last bottomed at $3.1k
- BTC has been a solid bull market ever since December 2018
- The investors of the coin had exposure to as much as 2,125% since the bear day anniversary
Bitcoin price has been flagging below $50k after shedding blood in the last crypto market carnage. However, the bullish investors have become more than three years old this month. While observing the BTC chart closely, analysts have recently noted that there is something that the bulls could celebrate as the year nears to end. Notably, the flagship crypto coin has now been three years since it last bottomed at $3.1k. According to experts in the cryptosphere, the actual pit of the bearish market sentiment for assets like the leading crypto coin has since delivered more than 2,125% of gains for patient Bitcoiners.
Bitcoin peak bear anniversary is timely
Despite the disappointment, as the years come to an end, Bitcoin price expectations remain an order of magnitude higher than where they were a year and a half ago. Notably, last year in March, a brief return to near-cycle lows was marked in what BTC has been a solid bull market ever since December 2018.
Notably, at the time, the flagship cryptocurrency capitulated to lows of $3,100, a level that was never seen and is estimated not to be seen again. Later, the coin ended an entire year of retracement from its ATH of nearly $20k. Compared to 2021’s ATH of $69k, the coin investors had exposure to as much as 2,125%.
It is noteworthy that consolidations lasted for several months afterwards, with 2019 bringing the watershed moment when the market climbed toward the year’s high of more than $13k. According to analysts, such peak bear anniversary is timely as they weigh the chances of consolidation and a slow grind upward characterizing the end of this year and the start of the next.
Bulls witness flip/flops this chop season
According to experts in the cryptosphere, following the current market sentiments and price actions, the scenario could be summarized as the chopping season. The experts further explain that such seasons are witnessed when all the gains of a day are lost on the second day, and everything turns upside down within a span of 24 hours. Notably, such twists also include the ideas of individuals on the markets.
Will BTC price see another considerable flush?
Following the current price actions, it is clear that a return of BTC price to $20k is not in the cards for the majority of the market participants. According to analysts, it’s not the time to discount the idea that the coin designed by Satoshi Nakamoto will dip significantly again in the short term.
According to some independent analysts, such moves being witnessed now could take the form of another leverage cascade to flush the excessive speculation from the market. Notably, significant support levels revolve near the $40k. Indeed, such a breach would put Bitcoin on course to challenge its dip from after May’s miner out.
