Bitcoin (BTC) is now in its Longest Stretch of Plunging Prices since its Emergence

Over the past thirteen weeks, Bitcoin (BTC) has been on a continuous downward trend. The value of the digital currency has been plunging from month to month. Right now, Bitcoin (BTC) has set a new record. The digital currency has now entered its longest stretch of plunging prices since its emergence, ten years ago.

Bitcoin (BTC) Declines for 411 Days Consecutively

Bitcoin (BTC) is the oldest and most valuable digital currency in the digital currency space. The digital currency tested its all-time high on the 17th of December 2017 when it surged close to the $20k level. According to the Bitcoin (BTC) Price Index of CoinDesk, Bitcoin (BTC) has recorded a lot of lower price highs since it tested its all-time high.

Today, 2nd of February makes the 411th consecutive day the value of Bitcoin (BTC) has been in decline. As a result, the latest stretch of Bitcoin (BTC) surpasses the duration of the famous Bitcoin bear market in 2013-2015, which lasted for 410 consecutive days.

The Historical Price Declines of Bitcoin (BTC)

The latest stretch of Bitcoin (BTC) plunging prices is the longest the digital currency space has ever seen. However, it is not yet the worst when it comes to total depression. The first massive bear market of Bitcoin (BTC) was in 2011, and it lasted for just 163 days, however, it is still the worst performer to date.

Bitcoin (BTC) which was trading at a high of $31.5 declined to $2.01, a decline of more than 93 percent. That decline is more than the subsequent decline in the 2013-2015 bear market when the value of the digital currency plunged by 86 percent.

Bitcoin (BTC) Price Today – BTC / USD

NamePrice24H %
bitcoin
Bitcoin(BTC)
$42,161.00-0.15%

The present bear market is still yet to surpass a decline of more than 84% from the all-time high of Bitcoin (BTC). While the digital currency is currently trading at $3,504, the depreciation is around 82 percent. No one knows when or if the record decline of Bitcoin (BTC) will come to an end.

However, whether it be the subdued response of the market to the withdrawal of a much-anticipated Bitcoin (BTC) exchange-traded fund or the next deflationary halving event of Bitcoin (BTC) approaching, it appears evidence is starting to pile up for a Bitcoin (BTC) bottom happening in the not too distant future.

Bitcoin (BTC) Halving History

As part of the deflationary monetary policy of Bitcoin (BTC), the reward for mining a block gets divided into two every 210,000 blocks or four years. This results in the slow creation of new Bitcoins. The event is now tagged “halving”, and it has long been known as a bullish catalyst for the value of Bitcoin (BTC) since its emergence or the demand of the digital currency will likely surpass the reducing production of supply.

In order words, since the demand of the coin is more than its supply, it would increase the value of the digital asset, irrespective of the condition of the market. With the next halving likely to take place in May 2020, the digital currency is now just less than 500 days away from getting enough bullish traction. This means the date of a potential bear market ending might not be too far away if investors price in the deflation of supply like they have been doing in the past.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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