Happy Bitcoin Bear Day: 3 years since BTC bottomed out at $3,100

Bitcoin may have fallen below $50,000, but its bull run has actually lasted 3 years this month.

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

Three years, an increase of 2125%

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

March 2020 marked a brief return to near cycle lows in a bull market that had been strong since December 2018. At the time, Bitcoin fell to lows of $3,100—levels never seen before and likely never to be seen again.

Bitcoin bottomed out in 2018 bear market on same day three years ago

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

On December 15, 2018, Bitcoin ended a full year-long retracement from its then all-time high of nearly $20,000. Compared with this year's peak of $69,000, BTC investors have gained as much as 2125%.

The consolidation that followed continued for several months, with April 2019 being a watershed moment when the market climbed to a yearly high of $13,800.

The anniversary of the "peak bear market" comes at an opportune time, as analysts weigh the chances of a consolidation and a slow upside late this year and early next year.

“Welcome to haggling season,” concluded Cointelegraph contributor Michaël van de Poppe.

"In a season where one day's gains are wiped out the next day, everything changes within 24 hours and so do people's minds in the market."

As Cointelegraph reported, September 15th marks yet another birthday for Bitcoin, as it has remained above $10,000 for the entire year.

BTC/USD 1-month candle chart (Bitstamp) Source: TradingView

While a return to $20,000 is unlikely even for most market participants, analysts don’t expect Bitcoin to drop significantly again anytime soon.

The main support level is around $40,000. Once this support level is broken, BTC/USD will challenge its decline since the miner rout in May.

Instead, trader filbfilb said this week that the "most painful" scenario is actually a run toward $60,000.

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