2017 intraday high (Dec 17, 2017)
Accumulated across 11 separate streaks
Uninterrupted daily closes
Source: Coinbase Exchange BTC-USD daily candles, checked-in snapshot checked Jul 26, 2026.
Bear Market Cycle Comparison
Peak-to-bottom intraday prices. These are separate from the previous-ATH daily-close streak calculated below.
2018 Cycle
2022 Cycle
Source: Coinbase Exchange BTC-USD daily candles (UTC intraday highs and lows), checked Sep 23, 2026. The 2014 cycle predates this data source and is not shown.
Key Takeaway
These two completed cycles had roughly 78%–84% peak-to-trough declines and later exceeded their prior peaks. That small historical sample does not predict another recovery or its timing.
Daily close vs the previous ATH level
Green is the Coinbase BTC-USD daily close on the first day of each month. Red shading marks periods below the 2017 ATH threshold; streak counts use every daily close.
Key Events During the Bear Market
Selected events from the 2022–2023 crypto bear market, in date order, each linked to its source.
Terra / UST Collapse
The algorithmic stablecoin UST depegged from the U.S. dollar, and the price of it and its sister tokens fell close to zero.
Source: SEC press release 2023-32Terra / UST Collapse
The algorithmic stablecoin UST depegged from the U.S. dollar, and the price of it and its sister tokens fell close to zero.
Source: SEC press release 2023-32Voyager Digital Bankruptcy
Crypto platform Voyager Digital filed for Chapter 11, citing prolonged market volatility and the default of Three Arrows Capital on a loan from its subsidiary.
Source: Voyager Digital announcementVoyager Digital Bankruptcy
Crypto platform Voyager Digital filed for Chapter 11, citing prolonged market volatility and the default of Three Arrows Capital on a loan from its subsidiary.
Source: Voyager Digital announcementCelsius Bankruptcy
Crypto lender Celsius Network and certain affiliates filed for Chapter 11 in the U.S. Bankruptcy Court for the Southern District of New York.
Source: Celsius Chapter 11 case (Stretto)Celsius Bankruptcy
Crypto lender Celsius Network and certain affiliates filed for Chapter 11 in the U.S. Bankruptcy Court for the Southern District of New York.
Source: Celsius Chapter 11 case (Stretto)FTX Bankruptcy
FTX, which had acquired the Blockfolio app in 2020, filed for bankruptcy with most of its affiliates. In December, the CFTC charged FTX, Alameda Research, and Sam Bankman-Fried with fraud.
Source: CFTC history, 2020sFTX Bankruptcy
FTX, which had acquired the Blockfolio app in 2020, filed for bankruptcy with most of its affiliates. In December, the CFTC charged FTX, Alameda Research, and Sam Bankman-Fried with fraud.
Source: CFTC history, 2020sDaily Close Reclaims Prior ATH Level
The measured below-ATH streak ended on Jan 12; the next UTC daily close was back above the 2017 intraday-high threshold used in this analysis.
Source: Coinbase Exchange daily candlesDaily Close Reclaims Prior ATH Level
The measured below-ATH streak ended on Jan 12; the next UTC daily close was back above the 2017 intraday-high threshold used in this analysis.
Source: Coinbase Exchange daily candlesGenesis Bankruptcy
Genesis Global Holdco and two lending subsidiaries, Genesis Global Capital and Genesis Asia Pacific, filed for Chapter 11.
Source: Genesis client updateGenesis Bankruptcy
Genesis Global Holdco and two lending subsidiaries, Genesis Global Capital and Genesis Asia Pacific, filed for Chapter 11.
Source: Genesis client updateBanking Stress (SVB, Signature)
Signature Bank was closed by its state regulator, and U.S. authorities said all depositors of Silicon Valley Bank and Signature Bank would be protected.
Source: Treasury, Federal Reserve and FDIC joint statementBanking Stress (SVB, Signature)
Signature Bank was closed by its state regulator, and U.S. authorities said all depositors of Silicon Valley Bank and Signature Bank would be protected.
Source: Treasury, Federal Reserve and FDIC joint statementBTC prices are Coinbase Exchange BTC-USD daily closes (UTC) on each dated event, rounded to the nearest $100 and checked Sep 23, 2026.
The Quick Answer
Using BTCUSD daily closes versus the prior cycle’s ATH, Bitcoin’s longest stretch spent below water was 66 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 | 66 days |
| #2 | Oct 7, 2022 — Oct 24, 2022 | 18 days |
| #3 | Sep 18, 2022 — Oct 3, 2022 | 16 days |
| #4 | Sep 5, 2022 — Sep 8, 2022 | 4 days |
| #5 | Jul 1, 2022 — Jul 3, 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?
Compare two approximate one-time purchase points
Investment amount
Nov 2021 peak ($69k)
Nov 2022 low ($15.5k)
Simplified lump-sum illustration, not a DCA calculation or financial advice. Entry prices are rounded historical reference points. Values use $81,544 per BTC (Coinbase BTC-USD spot fetched Oct 17, 2026, 9:49 AM UTC).
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 $19,892.
The Rule
A 'day below' is counted when the daily close is strictly lower than the ATH level.
Data Source
Coinbase Exchange BTC-USD daily candles, checked-in snapshot checked Jul 26, 2026. Analysis counts UTC calendar days. The chart plots first-of-month closes, while streak totals use every daily close.
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 Coinbase Exchange BTC-USD daily candles, checked-in snapshot checked Jul 26, 2026.
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 66 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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