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bitcoin crypto history cycle
Nexo Logo

Past Performance Shows Bitcoin Historic High Could Serve As True Bear Market Bottom

Tony Spilotro by Tony Spilotro
2 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 3 mins read
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History often repeats, and financial markets like Bitcoin and crypto regularly cycle. But past performance doesn’t always guarantee future results.

However, according to past Bitcoin price cycles, the crypto asset may require a visit to a price level referred to as the golden pocket – which also just so happens to be the crypto asset’s former all-time high – before the leading cryptocurrency by market cap has reached a final bear market bottom.

Bitcoin Bottom Resides At Former All-Time High, According to Past Performance

Markets are cyclical, and as the saying goes, history often repeats itself. If history repeats itself for Bitcoin relative to the crypto asset’s bull and bear cycles, $3,100 would have merely acted as a “false bottom” where the 2019 parabolic rally occurred from, and not the final stop before Bitcoin’s bear market is truly over.

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Related Reading | $20K Day: A Look Back At Bitcoin’s Two-Year Rise and Fall 

It’s all according to math, says one crypto analyst. In past Bitcoin market cycles, the leading crypto asset by market cap once its parabolic advance was broken and its bull market peaked, the cryptocurrency would fall all the way back down to a Fibonacci retracement level of 0.618 and 0.65 – considered the “golden pocket.”

For all you history lovers. pic.twitter.com/8jsqFjbE8G

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After Bitcoin peaked in price following the 2013 bull run, the cryptocurrency fell to a “false bottom” at the fib level of 0.382 before going off on a bear market rally.

Once that rally peaked was when Bitcoin made its final descent toward its true bear market bottom located not only within that golden pocket but at a level acting as a retest of former all-time high prices as support.

At the 2013 peak, Bitcoin price reached a high of nearly $1,200, before falling back to retest the former all-time high of $180.

After the 2017 peak, Bitcoin price ultimately fell to a low of $3,100, or the 0.382 fib level. If this same fib level during this new cycle also ends up being a “false bottom,” it would suggest that now that the bear market rally has peaked and failed to set a new high, and the cryptocurrency will next fall beyond the false bottom to find the true bear market bottom.

And if past performance indicates future behavior, then the final destination for Bitcoin may be the asset’s former all-time high, located within that important golden fib pocket, roughly around $1,000 to $1,2000.

Related Reading | Former IMF Economist: Current Bitcoin Trend is “Textbook Echo Bubble” 

Such a drop would likely shock the cryptocurrency industry, and cause many projects to go bankrupt as a result. But just like the dot com crash, some analysts believe this is needed first before the crypto industry can once again grow, and eventually produce the Amazon’s and Facebook’s of the blockchain revolution.

Featured image from Shutterstock
Tags: All-time Highbitcoincryptofibonaccigolden pocket
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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