Bitcoin’s ‘fastest bear market’ hides potentially positive year-end outcome for BTC
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Bitcoin’s abrupt drop to $80,000 shocked traders, but back-tested data on 105 indicators suggests the market washout is preparing BTC for a longer-term rally to new highs.
Bitcoin (BTC) fell to $80,600 on Friday, extending weekly losses to more than 10%. Its monthly drawdown has now reached 23%, the steepest decline since June 2022. The drop below $84,000 also pushed BTC to test the 100-week exponential moving average for the first time since October 2023, aligning exactly with the start of the current bull cycle.
Bitcoin futures liquidations surpassed $1 billion, underscoring the severity of this downturn, described by the Kobeissi Letter as the “fastest bear market ever.”
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