Bitcoin Bear Markets: What, Why, When?

Bitcoin has had its fair share of bear markets in the past. Let’s briefly recap the most significant ones and see what we can learn from them.

The 2011-2012 Bear Market

The bitcoin price fell from $29 on June 8, 2011 to $2.10 on November 18, 2011, followed by months of sideways action:

first bear market

The first bear market, 2011-2012. Chart data source: CoinMetrics.io

The most painful bear market happened before most of us were even aware that something like bitcoin existed. More than ten years ago, the price of bitcoin reached almost $30 on the then-popular Mt. Gox exchange, only to be followed by a “stairway to hell” pattern that would take the price to $2.10 in a several months’ time.

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