Bitcoin Enters Bear Market with 20% Decline from October Peak
•Cryptocurrency
Bitcoin's Bear Market: A 20% Drop from October High
Bitcoin has officially entered a bear market, marked by a 20% decline from its peak in October 2023. This downturn has been highlighted by The Kobeissi Letter, indicating a significant shift in market dynamics.
Key Insights
- Bitcoin's bear market status was triggered by a 20% fall from its recent high.
- According to Elliott Wave analysts, this bearish phase might extend until late 2026, suggesting prolonged market challenges.
Blockchain analytics reveal that the recent price drop has led to market deleveraging, which might fuel further volatility during this downturn. Nonetheless, some Bitcoin investors are seizing the opportunity to accumulate amid fears of a looming crypto winter.