2017 intraday high (Dec 18, 2017)
Accumulated across 8 separate streaks
Uninterrupted daily closes
Bear Market Cycle Comparison
How the three major Bitcoin bear markets stack up against each other.
2014 Cycle
2018 Cycle
2022 Cycle
Key Takeaway
Each cycle saw ~75-85% drawdowns but ultimately recovered to new all-time highs. Past performance does not guarantee future results.
Daily close vs the previous ATH level
Green is BTCUSD daily close. Red shading marks periods below the 2017 ATH threshold.
Key Events During the Bear Market
Major events that shaped the 2022-2023 crypto bear market and recovery.
Luna / Terra Collapse
The algorithmic stablecoin UST lost its peg, wiping out ~$40B in value and triggering a broader market selloff.
Luna / Terra Collapse
The algorithmic stablecoin UST lost its peg, wiping out ~$40B in value and triggering a broader market selloff.
Celsius & Three Arrows Capital
Celsius froze withdrawals citing extreme market conditions. Shortly after, 3AC was ordered to liquidate after defaulting on loans.
Celsius & Three Arrows Capital
Celsius froze withdrawals citing extreme market conditions. Shortly after, 3AC was ordered to liquidate after defaulting on loans.
Voyager Digital Bankruptcy
Crypto lender Voyager Digital filed for Chapter 11 bankruptcy following 3AC's default on a $650M loan.
Voyager Digital Bankruptcy
Crypto lender Voyager Digital filed for Chapter 11 bankruptcy following 3AC's default on a $650M loan.
FTX Collapse
FTX, the third-largest exchange, filed for bankruptcy amid revelations of misused customer funds, sending BTC to cycle lows.
FTX Collapse
FTX, the third-largest exchange, filed for bankruptcy amid revelations of misused customer funds, sending BTC to cycle lows.
Genesis Bankruptcy
Crypto lender Genesis Global Capital filed for Chapter 11, listing over $3.4B in liabilities to creditors.
Genesis Bankruptcy
Crypto lender Genesis Global Capital filed for Chapter 11, listing over $3.4B in liabilities to creditors.
Banking Crisis (SVB, Signature)
Silicon Valley Bank and Signature Bank collapsed. USDC briefly de-pegged before BTC rallied on safe-haven demand.
Banking Crisis (SVB, Signature)
Silicon Valley Bank and Signature Bank collapsed. USDC briefly de-pegged before BTC rallied on safe-haven demand.
BTC Recovery Above Prior ATH
Bitcoin climbed back above the previous cycle's ATH, marking the end of the bear market and the start of a new bull run.
BTC Recovery Above Prior ATH
Bitcoin climbed back above the previous cycle's ATH, marking the end of the bear market and the start of a new bull run.
The Quick Answer
Using BTCUSD daily closes versus the prior cycle’s ATH, Bitcoin’s longest stretch spent below water was 47 days.This streak ran from Nov 8, 2022 to Jan 12, 2023.
Top 5 Streaks
| Rank | Period | Duration |
|---|---|---|
| #1 | Nov 8, 2022 — Jan 12, 2023 | 47 days |
| #2 | Sep 20, 2022 — Sep 27, 2022 | 6 days |
| #3 | Oct 10, 2022 — Oct 14, 2022 | 5 days |
| #4 | Oct 18, 2022 — Oct 24, 2022 | 5 days |
| #5 | Sep 6, 2022 — Sep 8, 2022 | 3 days |
Daily Breakdown
Each square represents one day. Green = closed above the prior ATH; red = closed below.
What If You Bought The Dip?
See how different strategies would have played out
Nov 2021 peak ($69k)
Nov 2022 low ($15.5k)
Avg cost ~$25k
Simplified illustration. Not financial advice. Based on approximate historical prices with BTC at ~$95,000.
Drawdown & Recovery
How deep did Bitcoin fall from its Nov 2021 ATH, and how long did the climb back take?
Max Drawdown Depth
Recovery Milestones
Methodology
Defining the Level
We use the 2017 peak intraday high of $19,455.
The Rule
A 'day below' is counted when the daily close is strictly lower than the ATH level.
Data Source
Stooq Daily OHLC for BTCUSD. Analysis counts calendar days.
Common Questions
What’s the “previous all‑time high” in this analysis?
The previous cycle’s ATH is taken as the 2017 peak intraday high (BTCUSD daily “High”) from Stooq (BTCUSD daily OHLC).
So how many days did Bitcoin stay below that level in the last cycle?
Using daily closes vs that prior ATH level, the longest uninterrupted streak below it lasted 47 days (Nov 8, 2022 → Jan 12, 2023).
Why might other websites show a slightly different number?
ATH values and daily closes differ by exchange/index, time zone cutoffs, and whether you measure intraday highs/lows vs closing prices.
Is this financial advice?
No. This page is informational only and doesn’t predict future prices or cycles.
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