It’s been 3 years since BTC hit $ 3.1,000

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Bitcoin (BTC) may be 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% increase

Despite disappointing year-end price expectations, BTC / USD remains an order of magnitude higher than it was 18 months ago.

March 2020 marked a brief return to cycle lows close to what had otherwise been a strong bull market since December 2018. At that time, Bitcoin capitulated to lows of $ 3,100 – a level that never has been seen and who will probably never see each other again.

SAME DAY THREE YEARS AGO #Bitcoin CLOSED THE 2018 BEAR MARKET

– CRYPTO₿IRB (@crypto_birb) December 15, 2021

It was on December 15, 2018 that Bitcoin ended an entire year of retracement from all-time highs of nearly $ 20,000. From this year’s peak of $ 69,000, BTC investors were thus exposed to gains of up to 2,125%.

Consolidation lasted for several months thereafter, with April 2019 being the turning point as the market climbed to the year’s high of $ 13,800.

The anniversary of the “peak bearish” comes at an appropriate time, as analysts assess the chances of a consolidation and a slow upward advance that characterizes the end of this year and the start of the next.

“Welcome to the season of chops”, summarized Michaël van de Poppe, collaborator of Cointelegraph.

“The season where all the gains from day 1 are lost on day 2 and everything changes within 24 hours, so are people’s ideas in the markets.”

As Cointelegraph reported, September 15 marked another anniversary for Bitcoin in the form of an entire year spending above $ 10,000.

1 month BTC / USD candle chart (Bitstamp). Source: TradingView Hoping for a “flush”

While a return to even $ 20,000 is not an option for the majority of market participants, analysts are not ruling out the idea that Bitcoin will drop significantly again in the near term.

Related: Analyst Lists 21 Factors Calling Bitcoin Price Rise – But Only 4 Bearish Signals

For popular trader Pentoshi, this could take the form of yet another cascade of levers to “drive” excessive speculation out of the market.

Major support levels hover around $ 40,000, a breach of which would put BTC / USD on track to challenge its decline after the May miners rout.

Conversely, a “maximum pain” scenario would actually rise towards $ 60,000, trader Filbfilb argued this week.

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