The bitcoin price has finally had another green month. After three consecutive negative months, bitcoin appears to be able to bounce back. In July, the share price rose by no less than 19.5%.
Bitcoin price rose 19.5%
Bitcoin rose 19.5% in July after a brutal correction of 56% in the second quarter. The upward price action over the past month has coincided with improving market sentiment.
In the chart below, each candle represents one month. If the candle is red, then the bitcoin price in a given month has ended lower than it started. A green candle means that the month will close higher than it started.
At the beginning of July, the bitcoin price was about 18,400 euros, but the month closed on Binance tonight at a value of 23,250 euros. The highest point of the month was reached on July 30, when bitcoin was worth 24,000 euros.
Bitcoin price drop worst ever?
With bitcoin finally showing another green month, it is a good time to look back on the first half of 2022. During this period, bitcoin was gripped by macroeconomic factors, but also by the fall of several major crypto companies. .
If the bitcoin price continues to fall day after day, there seems to be no end to it. Sentiment is changing and the negative coverage might make you believe that this is bitcoin’s worst crash ever, and that the party is really over this time.
Bitcoin’s current bear market is not that bad
But if you zoom out, the current bear market turns out to be the least severe in bitcoin history. that late glass node see below.
In percentage terms, bear markets have performed worse in the past. These percentages represent the difference between the highest to the lowest point in that cycle.
- In 2011, bitcoin fell by as much as 93%.
- In 2015 and 2018, bitcoin had to lose 84%.
- In 2022, BTC fell by 75%. Actually this doesn’t count because this was the corona crash, or a black swan of only 7 days.
The current bear market has resulted in a 74% drop and if the July green candle really does mark a reversal, then we should be lucky.
But before you now all inclusive remember that one green swallow does not make a summer.