Bitcoin has come closer to establishing its longest-running bear market, alarmed Alex Kruger.
The famous cryptocurrency trading analyst said Monday that it was the first time bitcoin had entered a long period of selling sentiment in its 10-year history. In December 2017, the value of bitcoin per piece was close to $20,000. As of January 31, 2018, it was close to $3,450. That marks a circa 82% drop in 13-months.
Bitcoin has never before traded more than six months in the same direction. A down February would represent seven straight red months. Would be a first.
— Alex Krüger (@Crypto_Macro) February 4, 2019
History of Bitcoin Bear Trends
Technically, Bitcoin has already established its most extended selling phase by beating its previous bear market with four days. Between December 16, 2017, and now, a total of 415 days posted a negative return of 82.53%. Considering the bear market has ended for the same period, and the bitcoin’s previous…
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