Bitcoin's Bear Market May Not Be Over Yet, Says CryptoCon

CryptoCon, an analyst on X, has been warning that the worst of Bitcoin's latest bear market may not be over yet. Despite the cryptocurrency's impressive 25% gain in August and its current price around $79,000, CryptoCon's chart suggests that the current bear market is only about 84% complete.

This is based on historical duration, with previous cycle drawdowns lasting approximately 417 days (2013), 372 days (2017), and 384 days (2021). The average of these cycles is roughly 391 days. According to CryptoCon's chart, Bitcoin's current bear-market phase has reached around 330 days.

CryptoCon argues that investors should not assume the cycle bottom has already occurred simply because prices have recovered strongly. He points out that previous cycles also saw a strong recovery before another leg lower. His chart shows that the current drawdown is only about 53%, which is less severe than the previous declines of 86%, 84%, and 77%.