Bitcoin falls a record amount of time in a row

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Bitcoin sets records for the duration of the fall of quotations. This comes from a recent report by Glassnode. The cryptocurrency is said to have closed trading at ever-lower levels for the eighth week in a row.

According to analysts, the market should be prepared for the fact that conditions may continue to worsen until at least some form of “sustainable bottom” is formed. bitcoin has historically traded in a four-year cycle of both bears and bulls. At the same time, cycles are often associated with halving. The chart below shows the rolling compound annual growth rate (CAGR) for bitcoin over four years.

Since 2015, Bitcoin’s percentage returns have mostly been on a downtrend. A significant drop in payback was recorded during sales in May 2021. According to Glassnode, that sell-off was the starting point of the current bear market.

Meanwhile, the value of the monthly indicator Relative Strength Index (RSI) entered the green zone. Traditionally, in bear markets, this is a signal of the beginning of an accumulation phase near the absolute price lows for bitcoin.

If the pattern repeats again, the market may enter a multi-month accumulation phase, and the bottom for bitcoin has already been reached or is about to be formed. So far, according to Glassnode, investors are switching to bitcoin solely as an escape from risks, rather than with the aim of investing for the long term.

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Source: Cryptocurrency

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