Summary
- It reported that Bitcoin (BTC) could be poised to break its record for the longest decline since the 2018 bear market.
- It reported that Bitcoin has fallen about 53% from its peak last October, nearing the 56.26% drawdown recorded during the 2018 bear market.
- It explained that, given the roughly 13.98% decline so far in February, it is difficult to rule out the possibility of further declines.
Bitcoin (BTC) could be poised to break its record for the longest sustained decline since the 2018 bear market.
According to Decrypt, a digital-asset (cryptocurrency) media outlet, Bitcoin has fallen about 53% from its peak last October, nearing the 56.26% drawdown recorded during the 2018 bear market.
At the time, Bitcoin went through a prolonged correction, posting monthly declines for six consecutive months.
The outlet said, "If February ends in the red, Bitcoin will log five straight months of losses," adding that it "could mark the longest consecutive losing stretch since the six-month run of declines in June 2018."
It further explained that, given the roughly 13.98% drop so far in February, it is difficult to rule out the possibility of additional downside.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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