In traditional money and credit markets, a decline of 20 percent – from the highest level and during at least two months – is considered to be a so-called “bear market”. The expression simply means that the trend in the market is negative.
Bitcoin has been in such a bear market since January 2018. The price has been under sales pressure for much of the year. Since November, the price has dropped from $6,000 to $3,000 – a $3,000 decline, according to Coinmarketcap.
On its way to a new record
Bitcoin’s current record regarding the longest correction took place between 2013 and 2015. Then a bear market went on for 420 days. Bitcoin is now about to set a new record.
A 20 percent drop from bitcoin’s highest level of $20,000 is $16,000. Therefore, if the price stays below $16,000 until February 2nd this year, the record is beaten, CCN reports.
