he past year has been long and difficult for everyone involved in the cryptocurrency industry, and the markets are now reaching a point that will mark the longest ever Bitcoin (BTC) price correction in the cryptocurrency’s wild, albeit brief, history.
For investors who have been riding the markets ever since Bitcoin hit nearly $20,000 in late-2017, they will soon be able to say that they survived the longest-ever crypto market correction, which may someday be seen as a badge of honor that separates the true believers in the technology from the speculators.
Bitcoin (BTC) To Break Correction Record in Early February
Currently, the longest ever crypto bear market was seen between November of 2013 and January of 2015, where Bitcoin’s price climbed to highs of over $1,100 before crashing to lows of $178.
Although this nearly 85% drop was significant, it’s no secret that Bitcoin quickly recovered from this and surged almost continually until December of 2017 when BTC reached highs of over $19,000.
The aforementioned drop between late-2013 and early-2015 lasted a total of approximately 410 days before Bitcoin finally established a long-term bottom and began to recover much of its losses. The current BTC bear market is just a matter of days away from becoming the longest in its history.
Josh Rager, a popular cryptocurrency analyst on Twitter, spoke about the current length of the bear market as compared to that which began in 2013, saying:
“$BTC correction record: On Feb 2nd, we are likely to break the record for longest Bitcoin correction: 410 days (from Nov 2013 to lowest price at Jan 2015)… Very soon, you will be able to say that you survived the longest crypto market correction in $BTC history.”