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Comtags: bitcoin bear marketbitcoin made capbitcoin made pricebtcbtcusd.
The data on the Bitcoin watch channel has now been below its realized price for 163 days in this bearish market; this is how it compares with previous cycles.
According to CryptoQuant’s year-end dashboard release, the bear market would be over if BTC reclaims this level. To understand what the "realized price" is, it is first necessary to consider the "realized ceiling". The realized cap is a capitalization model for Bitcoin that aims to provide a sort of “real value” for the crypto.
In contrast to traditional market capitalization, that simply evaluates each outstanding coin using the current BTC price, Each token's realized cap prices at the same price as last time. For example, if 1 btc was purchased for $20,000. For example, if 1 CTB was purchased for $20,000.
Now, if the total realized cap of Bitcoin is divided by the total number of coins in circulation, a “realized price” is obtained. The realisation of the ceiling, however, will tell its real worth is $20,000.now, whether the total amount realized is divided by the total number of coins outstanding, a "price achieved" is obtained. Here is a chart that shows the trend in the BTC realized price over the entire history of the asset:
The BTC price seems to have been below this metric in recent months | Source: CryptoQuantThis price corresponds to the basic cost of the average piece on the market (that is, the price at which investors bought the average piece). Historically, BTC has spent very little time in this region, as only the worst phases of a bear market usually pull the coin below the level.
Historically, btc has spent very little time in this area, as only the worst stages of a bear market typically pull the coin below level. According to the graph, it is clear that in the bearish market of 2011-2012, btc spent 158 days below the realized price.
Related reading: Bitcoin interexchange flow pulse on the verge of inverting, what does this mean? The 2018-2019 bear experienced the shortest time in the region as the price took 134 days to climb above the level.
At last, bitcoin was trapped below the price achieved for 163 days in the current cycle. This means btc has spent more time in this area in the current bearish market than in any before, with the exception of 2014-2015.
Either way, CryptoQuant expects the crypto to reclaim this level somewhere in 2023, and it will be then that this bear may be considered to be over.
If the current bear is comparable to 2014-2015, this would mean that there are still over 100 days before Bitcoin can get out of the area.
BTC has declined in the last two days | Source: BTCUSD on TradingView
