The post How this Bitcoin bull market tracks to other major price rallies appeared on BitcoinEthereumNews.com.

Bitcoin has pressed on with its price rally, and if you believe traditional market math, another bull run has long been confirmed. The price of BTC briefly cleared $42,000 Monday morning — up nearly one-fifth over the past month and by 150% over the year to date, about on par with Meta but trailing Nvidia. Bitcoin is now at levels not seen since about a month before Terra collapsed in May 2022, pulling crypto into its longest bear market in history by at least one metric. Potential approval for spot bitcoin ETFs from banks like BlackRock and Fidelity may have pushed bitcoin higher. The DOJ finalizing its case against Binance and co-founder Changpeng Zhao also appear to have helped, with markets no longer wondering about the worst case scenario. While not an exact science, standard definitions say that bull markets are confirmed when an asset climbs 20% from recent lows, and bear markets demand a 20% drop from prior highs.  The S&P 500, for example, confirmed in June that it had been in a bull market since lows of October 2022. The log view better compares bull market returns Because crypto is typically more volatile than stocks or real estate — sometimes swinging 20% either way in a matter of days — it’s probably more realistic to confirm bull and bear markets over a longer period of time. So, let’s say a crypto bear market starts when a token stays 20% below its most recent high for two months or more. And a bull market begins when it climbs that much above its latest lows and stays there for one month or more. That would mean bitcoin has been in a bull market, its fifth ever, for the past 296 days. On January 12, 2023, Bitcoin first traded 20% above…

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Filed under: News - @ December 4, 2023 2:22 pm