Bitcoin’s (BTC) 26.62% decline from its $109,500 all-time high is en route to becoming the deepest drawdown of the current bull market cycle, according to CryptoQuant head of research, Julio Moreno.
Bitcoin price drawdown analysis. Source: X
Bitcoin has experienced significant drawdowns in past cycles, with a notable 83% drop from its peak in 2018 and a 73% correction from all-time highs (ATH) in 2022. In comparison, the current decline of 26.62%, while substantial, remains less severe than previous bear markets.
This suggests that even though the current downturn is impactful, it has not yet reached the intensity of previous cycles. However, crypto and macro resource ‘ecoinometrics’ said that Bitcoin might struggle to stage an immediate turnaround. The analysts explained,
“Historically, when the NASDAQ 100 falls below its long-term year-on-year average return, Bitcoin tends