Happy 'bearday,' Bitcoin: It's been 3 years since BTC bottomed at $3.1K

[tokyohd]

The "real" pit of the bear market for Bitcoin has since delivered over 2,000% gains for patient BTC hodlers.

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Happy 'bearday,' Bitcoin: It's been 3 years since BTC bottomed at $3.1KMARKETS NEWS
Bitcoin (BTC) may be flagging below $50,000, but its bull market is actually three years old this month.

Data from Cointelegraph Markets Pro and TradingView confirms that Bitcoin bulls have at least something to celebrate as 2021 draws to a close.

Three years, 2,125% upside
Despite disappointing when it comes to end-of-year price expectations, BTC/USD remains an order of magnitude higher than where it was even 18 months ago.

March 2020 marked a brief return to near cycle lows in what had otherwise been a solid bull market ever since December 2018. At that time, Bitcoin capitulated to lows of $3,100 — a level that was never seen, and likely never will be seen again.


It was Dec. 15, 2018 that Bitcoin ended an entire year of retracement from then all-time highs of near $20,000. Compared to this year's $69,000 peak, BTC investors have thus had exposure to as much as 2,125% gains.

Consolidation lasted for several months afterwards, with April 2019 the watershed moment as the market climbed towards the year's high of $13,800.

The anniversary of "peak bear" is timely, coming as analysts weigh the chances of consolidation and a slow grind upwards chraracterizing the end of this year and the beginning of the next.

"Welcome to the chop season," Cointelegraph contributor Michaël van de Poppe summarized.

"The season where all the gains of day 1 are lost on day 2 and everything flip/flops within 24 hours, also the ideas of people on the markets."
As Cointelegraph reported, Sept. 15 formed another birthday for Bitcoin in the form of it spending an entire year above $10,000.


BTC/USD 1-month candle chart (Bitstamp). Source: TradingView
Hoping for a "flush"
While a return even to $20,000 is not on the cards for the majority of market participants, analysts are not discounting the idea that Bitcoin will dip considerably again in the short term.

Details: https://cointelegraph.com/news/happy-bearday-bitcoin-it-s-been-3-years-since-btc-bottomed-at-3-1k

[Obito]

A reminder that we should be grateful and not to be stupid when the prices are going down because bitcoin has seen it's lows and what you've been feeling right now is probably not an inkling as big as those that have experienced that lowest point, and also it's a remInder that no matter how dire the situation is, the market will eventually bounce back and pump more that we would expect.

[Easteregg69]

I bought at 39k. Congratulations to me. And you for being around.

[avikz]

Isn't that normal? Even in real world stock market, we have bull amd bear seasons. Stock market crashes too! Bitcoin is just somewhat more volatile than the stock market, and that's it!

I remember, many people have regretted that they have entered into bitcoin at 22k and went into depression in early 2018 looking at the market. Now do you know a way how can I purchase bitcoin at 22k?

So in bitcoin market, every drop is an opportunity to average down the buying price. Either you take it or leave it!

[DaveF]

Yeah, I was way before this and remember kicking myself for not selling in the late 2017 / early 2018. And then as it dropped more and more I really got annoyed with myself for being greedy and waiting for it to up "just a bit more".

But, in the end as we know it recovered. Probably going to go through the same cycle now with the price. As avikz said, cycles happen in all markets.

-Dave

[tbct_mt2]

Bottom at any price is still good in long run because Bitcoin future supply is no longer abundant like first 4 to 8 years. If you read news recently, you should know that 90% of Bitcoin in total supply already mined.

I don't discuss why such things were brought to lively discussions recently when Bitcoin is in red because we can know about it years ago, on Bitcoin wiki or coinmarketcap. What sort of motivation is behind this is not important. What important is it again reminds us that Bitcoin is scarce and its technology is amazing.

More demands and less future supply, so people only can buy all Bitcoin from future supply and try to convince past and current Bitcoin owners to sell their bitcoin. Do you see how price of bitcoin will be when it happens?

[hugeblack]

Celebrating such changes should be every period because the price is testing a bottom level and does not return to it. For example, it is unlikely that we will return to the top of 21k, although within 4 years the dream was to be broken.
Thus, we may celebrate breaking barriers such as 10 dollars, 100 dollars, 3100, 21.000, 60.000 and so on every 4 years.
The point you should refer to is $900 which is ATH in 2013.


It is best to celebrate memories associated with the use such as Bitcoin pizza day? Laszlo Hanyecz spent $3.8 billion on pizzas. And no changes in price. to  Laszlo Hanyecz spent XXXX n on pizzas

[kryptqnick]

March 2020 marked a brief return to near cycle lows in what had otherwise been a solid bull market ever since December 2018. At that time, Bitcoin capitulated to lows of $3,100 — a level that was never seen, and likely never will be seen again.


It was Dec. 15, 2018 that Bitcoin ended an entire year of retracement from then all-time highs of near $20,000. Compared to this year's $69,000 peak, BTC investors have thus had exposure to as much as 2,125% gains.

The March 2020 situation is highly unlikely to repeat because it was the first time over the last 100 years when something epidemically very serious hit the whole world, and there was a lot of initial panic over that. Now that we're all pretty much used to living in the world of the pandemic, the same level of panic isn't likely to repeat again. Also, while significant, it was essentially a drop by 3 times compared to the February level of price (from $9k+ to $3k+), so at the current price point even if an event of the same level somehow strikes again, it's a drop to $15k at worst. But, again, I truly don't believe a thing like that will happen again in the following decades. And, also, we now firmly know that, no matter what, Bitcoin recovers and sets a new ATH point eventually.

[dothebeats]

How fast the time flies.

Didn't know it has been three years since bitcoin touched the bottom of the graph from the initial $19600 bull run which started in 2017. Many of the people around were shouting 'bitcoin is dead' without knowing that it's only a short period of time before the price takes off again. This was also the time wherein alts were a great hit due to the resurgence of pumps and dumps, and this is also the time when NFTs were starting to get known.

It has been a good run. Lots of panic happened in between but we still managed to get around all of it.

[livingfree]

On this cycle, the bottom was about $28k.

We may see another article three years from now that covers 'the last dip three years ago, btc @ $28k'.

Well, what would be the price of bitcoin by that time. I think it's going to be 6 digits and more. And by just looking 3 years ago or even last year, the price went crazy up.

And even there's a current correction that's happening to bitcoin, still, the most patient people are up in profits.

[naira]

Two seasons are unavoidable, we just need to adapt and adjust to the situation and conditions. So don't be surprised, our bears or bulls will continue to experience two alternating seasons. It's just a matter of time that we can't predict. Don't be sad when the roaring market comes and don't be too talkative when the bulls attack. You just need to find a place where you benefit.