Crypto

After more than 380 days, cryptocurrency advocates are celebrating the survival of the second longest Bitcoin bear market on Reddit.

On Saturday, members of the r/cryptocurrency forum on Reddit discussed that the current bear market has become the second longest bear market in bitcoin price history. According to a forum post, the current crypto winter has lasted over 380 days, just short of the longest bitcoin pullback that occurred during the 2013-2015 bear market, which lasted 415 days.

Surviving a bear market is a rite of passage – Reddit members discuss surviving Bitcoin’s second longest crash.

Over the past few months, people have been wondering how long the cryptocurrency winter will last, and on Saturday, November 26, 2022, Redditor user u/partymsl wrote about it. a post on the r/cryptocurrency forum saying that the current downturn is “the second longest bear market ever recorded for a cryptocurrency.”

The author of the post notes that this crypto bear market is “probably the longest,” and points out that “to survive this [bear market] It’s not a joke”. In addition, u/partymsl also summarized how the author defines a bear market and explained that it is “basically a long period of time when the price remains well below the recent value.”

“With another crypto black swan and another crash, this time due to FTX, we are now officially in the second longest bear market ever, an achievement I don’t know if we should be proud of.” notes the author of the article. r/cryptocurrency post. “Especially since with the current sentiment around the world, this could very well be the most brutal and longest bear market ever.”

According to the author, the bitcoin bear market in 2018-2019 lasted 365 days, and the current downturn is now over 380 days. Redditor u/partymsl also noted that it is “highly unlikely” that cryptocurrency prices have bottomed out. Also, with 380 days to go, the author notes that the current cryptocurrency bear market is very close to eclipsing the Bitcoin bear run of 2013-2015.

“To become the biggest cryptocurrency bear market, we are not far off either, the 2013-2015 bear market took 415 days, which means the beginning of January, which will most likely still be in the bear market,” explained u/partymsl. on Saturday. The Reddit user’s post was popular on r/cryptocurrency with 89% of the votes, 514 of them at the time of this writing. The author’s two cents also received a lot of comments from fellow Redditors who also discussed the graphics that u/partymsl shared with the post.

“Survival of a bear is a rite of passage. It turns blues into veterans,” one person said. “It used to be 40,000 people writing here, now it’s a ghost town,” another person said. responded citing a decrease in r/cryptocurrency reporting after the expansion period. “Chickens never win,” retorted another Reddit user. The author of the post reminded the survivors of the cryptocurrency bear market that they should be pleased with their determination and that they made it this far.

“Soon you will be able to consider yourself a survivor in the most brutal and difficult market. [longest] crypto bear market in history and it’s not easy,” concluded Redditor u/partymsl. “Millions of people have left the markets and we really are the last ones left. You all deserve a pat on the back for making it this far and possibly even further. Good game.”

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