Eugene Netso
Eugene Netso 2 minutes reading from Bitcoin

Before the Bear Market: What is a Bear Market?

🐻Before the bear market of 2022, there were 2011, 2015 and 2017 bear markets.

I usually start threads by definition of the subject.

This time I believe everyone here already knows from experience what is a bear market.🥲

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🐻Bear market of 2011

Started in June of 2011 when BTC price went from 32 to 0.01 just in a few days. Main cause for this was a hack of Mt.Gox – Japanese

exchange that traded most of Bitcoin at the time. The BTC price recovered to the previous high of 32 only in Feb'2013.

🐻Bear market of 2015

Bitcoin entered a massive bear market shortly after breaking 1,000 for the first time, with the price below 700 one month later.

The main cause for this was the Chinese central bank prohibiting institutions from handling BTC transactions.

BTC crypto

🐻Bear market of 2017

Almost reaching 20k at the end of 2017, Bitcoin price dropped to 7k in a couple of months. The year 2018 quickly became referred to as a “crypto winter” with BTC bottoming at around 3,200 in December 2018. It took 36 months for the BTC price to recover.

🐻Bear market of 2022

Bitcoin price started dropping in late 2021 from it's peak at 66k to what we are seeing now.

What do you think – how long will it take for the price to recover?🤔

cryptomarket crypto BTC cryptocurrencies

This post is based on this twitter thread.


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