Bitcoin Price Prediction: BTC Enters Longest Bear Market in History

Bitcoin (BTC), along with the larger crypto industry, has been in a prolonged bear market since its remarkable top of around $69,000 in November 2021.

Struggling to retrace its steps to the historic highs reached almost two years ago, Bitcoin is engulfed in its longest bearish market to date, spanning around 490 days, according to crypto analyst Michael van de Poppe on August 27.

Bitcoin’s value is currently more than 50% lower than its all-time high, highlighting the obstacles and uncertainties that have defined the crypto ecosystem during this extended period.

Poppe compares the current negative phase to the one seen in 2015, which was characterized by “a period of sideways action, where faith in crypto is slowly fading, despite the fact of solid fundamental growth.”

Poppe went on to provide words of comfort to investors, particularly those experiencing their first severe bear market.

However, the crypto guru emphasized that this period of volatility is also an opportunity for new investors to learn how to keep moving forward and leverage these crises to uncover new opportunities.

Poppe said, “And just because it hurts, you’ll learn. You’ll keep moving forward and you’ll identify new opportunities and experiences you’ll be using later in the cycle or the next cycle.”

Meanwhile, a number of things that could turn out to be big catalysts for BTC are not being reflected in the cryptocurrency’s price at all during the current bad market.

For example, Bitcoin has begun to attract the interest of global governments and traditional institutional investors. BlackRock and a number of other institutions filed applications earlier this year to develop spot Bitcoin exchange-traded funds (ETFs).

Furthermore, the Sultanate of Oman announced plans to invest more than $1 billion in Bitcoin mining infrastructure, and Hong Kong made considerable efforts to regulate crypto and recruit digital asset enterprises to the city.

All of the aforementioned possible BTC price catalysts are currently lagging behind “because the market is stuck in the ‘bear market modeus,’ as the price has been falling for the past two years.”

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