Bitcoin, the largest cryptocurrency, has had its fair share of bear market experiences in the past. But, after every bear cycle, King Coin has managed to recover successfully. Now the question is, can BTC repeat the same this time?
highlight the criteria
Bitcoin, at press time, circulated in the $20k to $21k range after a massive sell-off. Some harsh liquidation scenarios even recorded figures in the billions. These conditions directly affected the price of BTC as it led to more downsides.
Bitcoin’s drop from ATH has reached 73.3%, while the graph shows a decline between 75% and 84% during the last bear market. But, as the past has witnessed, BTC has taken the top spot every time it has been bearish.
According to Glassnode, the period of the last all-time high (ATH) was 435 days from April-2021 ATH and 227 days from November-2021 ATH. This placed the current bear firmly within the criteria for the historical bear.
That being said, the gap between the address activity and price of BTC is the most optimistic level since December 2020. Consider this- the number of unique addresses interacting on the network has not declined as much as it might have seen after the 70% price retracement. november.
The difference between the active address and the price was so high in December 2020. Thus, it shows that a price increase is possible. In addition, bitcoin also recorded significant whale transactions. This only indicates that major stakeholders may be keen on the coin despite FUD and inflation.
Whalin’ with caution
Furthermore, the largest bitcoin holders on the blockchain have added 16% more coins to their holdings in the past 30 days. As of press time, the entity held over 776,000 BTC worth over $16 billion.
This, in fact, may infuse some optimism during such uncertain times. Following this development, the number of addresses holding 0.1+ BTC also saw an increase. Metric on Glassnode reached ATH of 3,615,634.