You're not alone in the despair. The gloomy outlook of the cryptocurrency market has placed many traders and investors at a crossroads as their portfolios hopelessly sink to the reds. However, hold tight and fasten your seatbelts as we expect more to come.
According to the charts, one can say that Bitcoin is officially in the longest crypto bear market. To many, this isn't quite surprising as the apex cryptocurrency has gone through a lot in the crypto market. Crypto prices, projects, and firms falling are some of the most significant contributors to this decline. The news was broken to the crypto community by MN Trading CEO and founder Michaël van de Poppe, who said the current market situation can be compared to the one witnessed in 2015. Apparently, this trader is saying it is raining blood in the market. Well, within almost 500 days of the bear market for Bitcoin, the crypto has seen many things happen.
"The longest bear market in history for #Bitcoin
It might feel like a ghost town in crypto. It might feel like there's not even going to be a bull cycle anymore, and I understand why these thoughts are there," this crypto trader said in his post on Twitter.
Nevertheless, Poppe says that this is a period where the crypto market will experience a lot of sideways actions, with many crypto enthusiasts losing faith in the industry. However, this crypto trader says the market is in a situation where it is building solid fundamentals.
"The current bear market is relatively comparable to what we've witnessed in 2015. A period of sideways action, where the faith in crypto is slowly getting lost too, despite solid fundamental growth," he added.
The longest bear market in history for #Bitcoin— Michaël van de Poppe (@CryptoMichNL) August 27, 2023
It might feel like a ghost town in crypto. It might feel like there's not even going to be a bull cycle anymore and I understand why these thoughts are there.
Well, people base their decisions on history. 👇… pic.twitter.com/Ljtv9wmw12
Bitcoin Price to Shoot Up Soon
Despite crypto bear markets, Poppe believes all hope is not lost and that we are at that stage where the crypto industry is building itself up for what will come. Apparently, many crypto enthusiasts and investors are so distracted by the current market conditions that they fail to understand the future.
The crypto industry has been quietly achieving many things within the bear market. For instance, larger institutions are now buying into Bitcoin and other cryptocurrencies. We have seen many of them fighting to get their Bitcoin and Ethereum ETFs approved by governments. Others, like the government, have used Ripple's CBDC Technology to launch their virtual currencies.
According to Poppe, all these signify a great future ahead. "The thing is, during the current period, these events are not being reflected in price at all. They lag behind as the market is stuck in the 'bear market modus', as the past two years price has been falling," he added.
Bitcoin Price Update
In the Bitcoin charts, many things seem to be going in the right direction for the apex cryptocurrency. It is not looking very good, but some greens are in the chart. With the current market situation, having some greens in the chart represents some progress, even though it isn't much. At the time of writing, Bitcoin's price is around the $27k range. It might fall to $25k again, as it has done many times.
The daily chart is about a 2% decrease, which is negative at the time of writing. However, the scenario is slightly different for the weekly charts. In the past seven days, the highest price for Bitcoin stands at $26.69k, while the lowest is around $26.03k. Bitcoin suffers from more than a 10% decline in the monthly charts. This is obviously from the effects of the market crash that happened not long ago.