Bitcoin (BTC) is now trading below $48,000, although its bull market is three years strong this month.
Statistics from CoinMarketCap and TradingView reveal that Bitcoin bulls have much to cheer about as the year 2021 comes to a conclusion.
Over three years, the potential profit is 2,125 percent
Notwithstanding failing end-of-year price forecasts, BTC/USD continues an order of magnitude higher than bitcoin was merely 18 months earlier.
March 2020 showed a temporary dip to near-cycle lows in whatever had typically been a consistent bull market from December 2018. At the time, Bitcoin had fallen to lows of $3,100 – a level that had never been seen before and is unlikely to be witnessed soon.
On December 15, 2018, Bitcoin completed a year-long pullback from all-time highs around $20,000. BTC investors have therefore had access to gains of up to 2,125 percent compared to last year’s top of $69,000.
BTC/USD 1 DAY PRICE CHART: SOURCE – COINMARKTCAP.COM
Stabilization remained many months following that, with April 2019 serving as a landmark event as the market surged to the year’s high of $13,800.
The birthday of “peak bear” comes at an opportune time, as experts assess the likelihood of stabilization and a steady crawl upwards characterizing the conclusion of this year and the start of the following.
According to Cointelegraph, Bitcoin celebrated its birthday on Sept. 15 by surviving a complete year above $10,000.
Looking forward to a “flush”
Although most market players do not expect Bitcoin to recover to $20,000 in the near future, analysts do not rule out a significant drop in the near term.
This might assume the shape of some other leverage cascade to “flush” excess speculation from the market, according to prominent trader Pentoshi.
Significant support levels hover around $40,000, a break of these would place BTC/USD on track to recoup its losses from the miner crash in May.
A “max pain” possibility, on the other hand, would be a run upwards to $60,000, as colleague trader filbfilb claimed this week.