On Saturday, members of the r/cryptocurrency forum on Reddit discussed how the current bear market is now the second longest bear market in bitcoin price history. According to the forum post, the current crypto winter has lasted more than 380 days, just short of the longest bitcoin downturn that occurred during the 2013-2015 bear market, which lasted 415 days.
Over the past few months, people have wondered how long the crypto-currency winter would last, and on Saturday, November 26, 2022, redditor u/partymsl published an article on the subject. forum post on r/cryptocurrency stating that the current downturn is “the second longest bear market on record for crypto“.
The author of the post notes that this crypto bear market is “probably the longest” and points out that “surviving this [bear market] is 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 during which the price remains significantly below the recent value“.
“With another black swan in crypto and another leg down, this time due to FTX, we are now officially in the second longest bear market of all time, an accomplishment I don’t know if we should be proud of“, notes the author of the post r/cryptocurrency.”Especially since with the current global sentiment, this could very well be the most brutal and longest bear market.“
According to the author, the 2018-2019 bitcoin bear market lasted 365 days, and the current downturn is now over 380 days long. Redditor u/partymsl also noted that it is “highly unlikely” that crypto-currency prices have bottomed. Furthermore, with 380 days under his belt, the author points out that the current crypto bear market is awfully close to the eclipse of bitcoin’s 2013-2015 bear run.
“To become the largest crypto bear market, we are not too far away either, the 2013-2015 bear market took 415 days, which would put us in early January, which is very likely to still be in a bear market“, explained u/partymsl on Saturday. The redditor’s post has been popular on r/cryptocurrency with 89% upvotes and 514 of them as of this writing. The author’s two cents also received numerous comments from fellow Redditors who also discussed the graphic that u/partymsl shared with the post.
“Surviving a bear is a rite of passage. It turns rookies into veterans“, said one individual. “40,000 people used to post here, now it’s a ghost town“, said another person. responded by referring to the decline in the number of posts on r/cryptocurrency since the expansion period. “The wimpy never win“, another Redditor retorted. The author of the post reminded the survivors of the crypto-currency bear market that they should be satisfied with their determination and that they have made it this far.
“You may soon consider yourself a survivor of the most brutal and difficult market. [longest] Crypto bear market in history and it’s not easy“, concluded the Redditor u/partymsl. “Millions of people have left the markets and we are truly the last ones standing. For making it this far and maybe even further, you all deserve a pat on the back. Well done.“
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